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Using your savings account

If you have an online only savings account with Principality, we’ll ask you to set up a linked account. A linked account is an account with another bank or building society that we’ve verified belongs to you. 

 

This helps us protect you from fraud when you transfer money out of your Principality savings account electronically.  

 

You can change your linked account by: 

  • Logging into your online profile and sending a secure message. 
  • Calling us on 0330 333 4000.

If you want to:

We recommend you read our Privacy Policy before sending any personal information.  

Some of our savings accounts have withdrawal limits, or do not allow withdrawals until the account has matured. Check your account terms first.  If you have an online only savings account, you won’t be able to make a withdrawal in branch.  

 

If your account terms allow immediate access to your funds, here’s how you can make a withdrawal: 

Cash: Visit one of our branches. Our daily cash withdrawal limit is £500 per customer. If you’d like to withdraw more than £500 in cash, please contact the branch 2 business days in advance. For withdrawals of over £2,000, we’ll ask for a form of ID. For a full list of ID documents we can accept, download our leaflet about how we use your information. 

 

Cheque: You can make a cheque withdrawal from a branch or agency of up to £85,000. If you’d like to withdraw more than £85,000 as a cheque, please contact the branch you plan to attend to let us know at least 5 business days in advance.  You can also request a cheque by calling us on 0330 333 4000, writing to us, or sending us a secure message from your online profile. These requests can take up to 5 business days to complete. 

 

Faster Payment: We can make faster payments to another account in your name. If you request a faster payment by 3:30pm you’ll receive the funds the same day. If you make your request after 3:30pm, you’ll receive the funds the next business day. 

 

We will need proof that the receiving account belongs to you. We do this to protect you from fraud, especially if you haven’t transferred funds to this account before. This proof could be a bank card or bank statement showing the account holder’s name, sort code and account number. The maximum you can transfer using faster payment is £120,000. 

 

If you have an online only account, you can make a withdrawal of £20,000 to your linked account in one transaction, up to a maximum of £100,000 per day. 

 

Telegraphic Transfer: We can arrange telegraphic transfers to another account in your name. There is a charge for making a telegraphic transfer. Find more information about our fees in our Savings Tariff of Charges leaflet. If you request a telegraphic transfer before 3:30pm, you’ll receive the funds on the same day. If you make your request after 3:30pm, you’ll receive the funds the next business day. 

You can update your contact details online, if you have set up an online profile. Select ‘View personal details’ from the ‘Your details’ menu and follow the instructions. If you've been a Principality customer for less than 3 months, you may also need to send us one form of address identification. 

 

If you don’t have an online profile, you can visit a branch or give us a call on 0330 333 4000.  

 

To update your name, you can either write to us using the address below or  visit your local branch or agency.  We’ll need to see the original change of name document. This could be your: 

  • Marriage Certificate 
  • Decree Absolute 
  • Change of Name Deed (Deed Poll) 

If you’re coming into a branch, please also bring your passbook. 

 

Write to us: Principality Building Society, PO Box 89, Queen Street, Cardiff, CF10 1UA.

Your statement shows the interest you’ve earned for the year, as well as your ‘move money in’ and ‘move money out’ transactions. If you find anything on your statement which you believe is incorrect please let us know immediately. Please send your statement to our Customer Service Department at Principality Building Society, PO Box 89, Queen Street, Cardiff, CF10 1UA, highlighting the queries.

Please read the following information with your statement. 

Summary Rate Guide and Statement Explanatory Notes

FSCS Information Sheet and Exclusion List

To get a tax certificate for your savings account, either 

You'll need to tell us which savings account and the year you need the tax certificate for. 

You can pay money into your savings account in a few different ways. Online, in branch, or by sending us a cheque. 

  • If you’re paying money into a new account for the first time, you’ll need to fund your account with at least the minimum deposit within five business days of opening.
  • If you’re transferring an ISA, please read our information about ISA transfers. 

1. Move money online 
Use these details to transfer money from another account: 
 
Sort code: 20-18-23 
Account Number: 90653535 
Reference: Use your Principality savings account number 
Payee: Your name 
 
What you need to know 

  • We use Barclays as our bank provider. Don’t worry if your bank flags that you’re moving money to a Barclays account. 
  • The money should show in your Principality account within two hours. 
  • If you plan to save regularly you can set up a standing order after your first payment. This must be from a UK bank or building society account in your name.  
  • If you're planning to transfer money into your account on the same day you open it, your bank might not recognise your name as one that matches the account straight away. The transfer will still work, but be sure to double check the reference number is correct.

2. Visit a branch

You can visit any of our branches to pay money into your savings account (except if you have an online only savings account). Cash deposits will show in your account instantly. If you pay in a cheque it’ll take up to 3 business days for the money to show in your account.  
 

3. Send us a cheque 
Write your cheque to ‘Principality Building Society’ with your name and account number.  Then send it to the Savings Team at: Principality Building Society, PO Box 89, Queen Street, Cardiff, CF10 1UA.

 

If you have set up an online profile you can log in to check your interest rate. Or you can view the interest rates on all our savings accounts. If your account is no longer on sale, you’ll need to check our information for accounts no longer on sale to new customers. 
 
Offsale fixed rate accounts information

Offsale variable rate accounts information

 If your account allows more than one account holder, you can add an additional account holder by: 

  • Completing a  savings application form and posting it to Principality Building Society, PO Box 89, Queen Street, Cardiff, CF10 1UA. 
  • Visiting one of our branches. All account holders should attend when you visit. But if this isn’t possible, please let the branch know. 

If you need any help you can send us a secure message by logging into your online profile, or give us call. Here’s all the information you’ll need to be able to contact us for support.  


If the additional account holder is already a member with us, we won’t need to ask for any ID. But if they are a new customer, we will need to confirm their identity. You can find out what documents we accept as proof of identity on page 9 and 10 of this document about how we use Your Information.  

 

Does my account allow more than one account holder? 
Some of our accounts can only have one account holder. So you won’t be able to add an additional account holder to: 
•    An ISA.
•    An online only savings account.
•    A children's account. Children’s accounts can only be opened in the name of one child. However more than one guardian or trustee can be added. 

Cash ISAs

Depending on the ISA you open, there may be a limit on how many withdrawals you can make. Make sure you check the account terms to understand whether your ISA has any withdrawal limits. For example, you can’t withdraw money from a fixed rate ISA. You can close the ISA or transfer the balance to a different ISA; but you may lose out on interest. 
 
Withdrawing funds from an ISA could mean you lose out on interest you could have earned if your money was in the account. It can also impact your tax advantages.   
 
With a flexible ISA you can withdraw money and replace it before the end of the same tax year, without it affecting your annual ISA allowance.  

Each tax year (from April 6 until April 5 the next year) you have an annual tax-free ISA allowance. Tax-free means the interest you earn isn’t subject to UK Income Tax and Capital Gains Tax. Tax treatment depends on your individual circumstances and could change in the future.  
 
The ISA allowance for the 2024/25 tax year is £20,000. The amount is reviewed by the Government each year and could change in the future.  
 
Your annual ISA allowance can be split across the four different types of ISAs: cash ISAs, stocks & shares ISAs, lifetime ISAs, and innovative finance ISAs.  At Principality you can only pay into one cash ISA each tax year.  
 
Different cash ISAs have different terms. Some allow you to pay in the full amount of your annual cash ISA allowance as a lump sum. With others you can pay in smaller amounts over time. 

Additional Permitted Subscriptions (APS) allows you to inherit an ISA allowance left behind by your spouse or civil partner.    

 

APS refers specifically to inheriting the ISA allowance; not the funds in the ISA.   

  

The APS allowance is available to you within 3 years of the death of your spouse or partner, or 180 days after the administration of the estate is complete – whichever is later.  

 

Talk to us about inheriting an ISA allowance by calling 0330 333 4000.  

If you have an ISA with another provider, you can transfer the money into a cash ISA with us, provided the ISA allows transfers in.   


If you have an ISA with Principality, you can transfer the money to an ISA with a different provider. However, this will be subject to the account terms of the ISA you have with us.  
 

Find out more about how to make an ISA transfer. 

There’s no limit to how many ISAs you can have. You can keep your ISA going after the end of the tax year, so it’s possible to have lots of ISAs. 

 

Your £20,000 annual ISA allowance can be split across the four different types of ISA: cash ISAs, stocks & shares ISAs, lifetime ISAs, and innovative finance ISAs.  At Principality, you can only pay into one cash ISA each tax year. 

You can’t carry one year’s ISA allowance over into the next year. If you don’t use your full tax-free ISA allowance by April 5, you’ll lose it when the tax year ends. 

If you want to:

Opening a savings account

We have a responsibility to verify your identity when you are opening a savings account. Like all other UK banks and building societies, we must do everything we can to help prevent financial crime and money laundering. 

Before you can use your savings account, we'll need you to confirm your name and address. When you open an account online, we usually do this electronically. If we aren’t able to identify you using our electronic verification system, you'll need to send us clear photos of two 'proof of ID' documents. 

Email photos of your ID documents to identification@principality.co.uk


We need the following to open your new savings account:

  • Your savings account number (in the subject line of your email).
  • One item for proof of your name, like a driving licence or passport.
  • One item for proof of your address, like a gas or electricity bill that's less than 3 months old.

Please make sure:

  • The photos are clear and not blurry.
  • All words, numbers, and images are clearly visible.
  • All 4 edges of the document are visible.

Once we've confirmed your name and address, we'll send you an email to confirm this check is complete.

For a full list of the forms of ID we can accept,download our Your Information document. 

We use an electronic verification system to verify your identity. In most cases, that's all we need to do. However sometimes we may need to ask for additional proof of identity. And we might not be able to proceed with your application unless you can provide suitable proof of your name and address. 

Security

Confirmation of Payee is a service that checks if the name entered on the payment matches the name on the account you're paying into.  

You can't opt out of checks for payments from your Principality account.  We recommend against opting out of Confirmation of Payee checks for payments into your Principality account, but should you wish to do so, please speak to a colleague in branch, call us on 0330 333 4000 or send a secure message through Your Account.  

You can opt back in at any time.

If you believe you have been affected by an APP scam, please follow these steps:
Contact us immediately
Call our customer service team on 0330 333 4000 to report the scam as soon as you suspect you’ve been scammed.
Please note we’re open: Monday to Friday: 9:30am - 5pm Saturday: 9am - 1pm


Provide details
You'll need to share key information about the transaction, such as the amount, date, and recipient's details. We may also request additional information if needed.


Know your rights 
You have the right to request reimbursement for fraudulent payments made via Faster Payment or CHAPS. You must report the scam immediately and within 13 months from the last payment.

 

When can I expect to receive reimbursement?
If you’re eligible for reimbursement, you’ll usually receive it within five business days of your request. We may need a bit more time (up to 35 days) if we’re waiting for additional information. 

In some cases, you may need to pay an excess of up to £100, which we’ll look at on a case-by-case basis.


What if I'm unhappy with the outcome of my claim?
If you are unhappy with the outcome of your claim you can contact the The Financial Ombudsman Service.
•    Postal address: The Financial Ombudsman Service, Exchange Tower, London E14 9SR 
•    Telephone number: 0300 123 9 123
•    Switchboard: 020 7964 1000 
•    From outside the UK: +442079640500

You must refer your complaint to the Financial Ombudsman within 6 months of receiving your outcome letter.
 
You can also view our latest complaints report.

More information on Authorised Push Payments.

Please let us know if your passbook is lost or stolen by filling out the lost passbook declaration or stolen passbook declaration. Drop your completed form off at your local branch or post it to:  
Savings Department, Principality Building Society, Principality House, The Friary, Cardiff, CF10 3FA.  

 

If you’re worried you have been a victim of fraud, or have a concern about any transactions on your account please call us as soon as possible on 0330 333 4000. 

Closing or maturing an account

Get access to some exclusive member rates when your account ends. The rates we advertise are limited availability and can be withdrawn or amended at any time. 

 

We apply the rate available on the date you apply. This means the rates provided in the maturity information we sent you aren’t guaranteed. To take advantage of these exclusive rates, contact us with your decision as soon as possible. 

 

What are my options when my account matures? 

  • Reinvest in a new account. You can fully reinvest in a new bond or ISA online, after we send you your maturity information. And you can make additional deposits for up to five business days after opening the account. Choose a new account online, visit a branch, or give us a call.  
  • Take out a little and reinvest the rest. You might want to reinvest in a new bond or ISA with some of your money rather than all of it. Just use the form in your maturity pack or log into your online profile to let us know. 
  • Close your account. You can withdraw all the money in your account and transfer it into your nominated bank account, or an existing Principality savings account on the day your savings account matures.  
  • Receive your money by cheque. Simply visit a branch with your ID and account details, or send us a secure message via your online profile. 

If you do nothing, we’ll move your money into the account we told you about in your maturity notice.  

 

How long do I have to apply for a new savings account? 

To take advantage of our exclusive member rates, you must apply for your new account within 14 days of your maturity date. This could be 14 days before or after the date your current savings account matures.  

 

If we don’t hear from you before your maturity date, your balance will automatically be moved into the account we told you about in your maturity notice. Once this happens, you can make withdrawals or close the new account whenever you want. 

You can close your savings account at any time, unless your account terms say otherwise.  

How to close your account:

Before you close an account 

Please check your account terms. Certain accounts don't allow closure. Or we might need you to let us know ahead of time that you're planning to close the account. With some accounts, closure might mean you’re subject to a penalty or a loss of interest. Closing an ISA could impact your tax-free savings allowance.  

We’re sorry for your loss.

We know this is a difficult time. When someone dies, we’ll do all we can to help you manage the finances.  
 
Here’s how to close an account after someone dies.