Mutuality
Our philosophy is firmly rooted in the principles of mutuality.
It's a word often used but seldom understood. The earliest building
societies were organisations where members pooled funds to purchase
land to build houses – creating the idea of mutual assistance.
The idea progressed when individuals no longer wanted to borrow
to buy a home, but just wanted to invest their money in these
shared organisations. Building societies as we know them were
born.
We still firmly believe that our role is to help those who help
us – not only by providing a secure place for our members' money
but also by helping the communities where we and our members live
and work across Wales and the Borders. Treating our Members fairly
is core to our ethos as a mutual building society. We follow the
advice given to us by the Financial Services Authority to help us
to do this.
Not everyone realises that by opening an account or by taking
out a mortgage with us you become a "member" of our Society – which
is why you're more than a customer to us. By building a long-term
relationship based on what you want – whether it's saving,
investing or borrowing – we can help you make the most of your
money.
History
Founded as a mutual Building Society in 1860, Principality
Building Society is today one of Wales's best-known financial
institutions and we pride ourselves on having maintained a strong
mutual ethic throughout the years we've operated.
Built in 1914 to house the Society, Principality Buildings in
Queen Street, Cardiff remains our headquarters to this day and sits
alongside Principality House, built in 1992 to accommodate our
expanding operations.
Since 1932 we've opened fifty branches and now have an active
network of branches and members across Wales and the Borders. In
fact, we have more branches in Wales than any other building
society and we're the 7th largest building society in the UK, with
assets of over £6 billion. Fully committed to remaining a mutual
organisation, we're working to build a better Society for our
members, taking care of their financial needs and continuing to
invest in the Welsh and Border communities.
In 1986 we acquired Peter Alan and Parkhurst estate agents,
creating one of the largest Welsh-based estate agencies. Our Peter
Alan business can boast over 30 years' experience in the Welsh
housing market and currently has 25 branches across South
Wales.