Changing our sort code

Keeping you secure by changing our sort code

To better protect customers, new ring-fencing rules have been introduced to UK banking legislation to separate current, savings, mortgage and loan accounts from wider banking activities like trading in financial markets. This means we’re changing our sort code and we’ve now started the changeover to our new sort code 20-18-23.

What you need to do

For all your existing Faster Payments and Standing Orders into your Principality account, you need to instruct your bank to start using our new sort code as soon as possible. And if you set up any new Faster Payments or Standing Orders in the future, you need to ensure you give your bank our new sort code.

Rest assured that in the meantime, any payments sent to our old sort code will still reach us as we are able to redirect them for a short period to give you chance to make the change. And we will remind you if you haven’t updated your payment records to ensure you change over to our new sort code in plenty of time.

If you have any existing direct debits you don’t need to do anything – the sort code will automatically be updated for you.

Fraud Awareness

Protecting yourself from fraud

Other banks will also be making similar changes due to these new ring-fencing rules but during this time it’s important you are vigilant and aware of the possibility of fraud:

  • Give careful attention to all letters, phonecalls, emails and text messages about changes to your accounts. Don’t assume they’re genuine even if they seem to know some basic information about you, and if something doesn’t look right or you have concerns, contact your bank, building society or financial provider.
  • Don’t share your account details with anyone or make changes to payments unless you’re sure you are dealing with a genuine bank, building society or financial organisatio
  • Never disclose any security details like your online banking password. We, at Principality, will never ask you for these. 
  • Don’t be rushed or pressured into making a decision or acting quickly. If you are, ask yourself if the communication you’ve received is genuine. We never mind if you want time to think about your decision.
  • Only use contact details you trust, such as those you find on your statements from your financial provider or on their website. 

Frequently Asked Questions

Why are you changing my sort code?

To better protect banking customers, new UK legislation has been introduced called ring-fencing. This means that all personal banking like current and savings accounts, loans and mortgages, must be kept separate from wider financial activities that carry higher risk like investment banking and trading in global financial markets. 


What happens when you change my sort code?

For all your existing Faster Payments and Standing Orders into your Principality account, you need to instruct your bank to start using our new sort code as soon as possible. And if you set up any new Faster Payments, Standing Orders or Direct Debits in the future, you need to ensure you give your bank our new sort code.

Any existing direct debits will change to your new sort code automatically so you don’t need to do anything.

All payments into Principality accounts made using your old sort code will be redirected to the new sort code up to 20th January 2021. 


Will other banks inform me when I am using the old Principality sort code?

Your bank might notify you if you continue to use your old Principality sort code and ask you to take action to make the update to your new sort code. 


When will the sort code change happen?

We are beginning to change our sort code from 20th January 2018. You can continue to use your old sort code whilst the changeover is taking place though we do advise you to update your sort code as soon as possible and at the very latest by 19th January 2021. 


What happens if I payments are sent to me using my old sort code?

Don’t worry, we’ll ensure any payments made into your account using your old sort code are received and redirected, up to 19th January 2021. Though it’s best to update your sort code with your bank sooner rather than later to prevent any payments being returned. If payments are made into your account by another person or company, you’ll need to ensure you make them aware of your new sort code. 


If Principality are redirecting my payments, why do I need to do anything?

We’re redirecting payments just to give you time to make the changes you need but this isn’t a permanent solution so you do need to take action to change your sort code where needed. We can only redirect your payments going out of your account until 19th January 2019 and those payments coming into your account until 19th January 2021. 


What should I do if I suspect fraudulent activity on my Principality account?

You should report any suspicious or fraudulent activity on your account immediately by calling us on 0330 333 4000


Will this change affect my credit history or transaction history?

No, there will be no change to either of these.

Will this affect the terms and conditions of my account?

No, your terms and conditions of the account will stay exactly the same

Will there be any changes made to my passbook?

You can continue to use your existing passbook and if you’d like one, we can provide a label with your new sort code information that you can place inside. 

In the next few months, we will be making available new passbooks containing the most up to date information and if you would like one of these, we can swap your old passbook for a new one. 


What are you doing to help me?

We will provide you with your new sort code details so you can advise anyone who sends you payments of the changes, and we’ll redirect any payments coming into your account, until 19th January 2021. 

Where can I find out more information on ring-fencing?

For a jargon-free explanation of ring-fencing, visit the Bank of England website:

http://edu.bankofengland.co.uk/knowledgebank/why-are-retail-banks-being-ring-fenced-and-how-will-this-affect-me/

For more information from the Financial Conduct Authority (FCA) visit:

https://www.fca.org.uk/consumers/ring-fencing

For information from HM Treasury on the legal background of ring-fencing visit:

https://www.gov.uk/government/publications/ring-fencing-information

*By clicking on the links you will leave Principality's website - Principality is not responsible for the content of external websites.

International payments

How do I make an international payment into my Principality account?

Simply call us on 0330 333 4000 and we will provide you with your new IBAN. Alternatively, if you’re calling from abroad, you might prefer to call 029 2038 2000.

What happens if I am sent international payments using my old sort code?

If you’re expecting any payments into your account using your old IBAN, we’ll do all we can to ensure the funds reach your account. Though it’s advisable to provide your new account details to anyone who sends you funds from abroad as soon as possible.

 


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