Saving starts here

Welcome to our online savings hub, your new go-to-place for all the best money saving tips and tools. The place that can turn even the most reluctant of savers into savvy savers.

Here you'll find some money saving tips, tools, competitions and videos to help you get started on your savings journey. You'll also find some informative videos to help you understand more about ISAs and the Personal Savings Allowance.

We understand saving can seem tough, which is why we're here to help. We have over 150 years' experience helping our Members make the most of their money. In fact, as one of Wales' most recommended savings providers^, we're home to a whole Society of Savers.

3 easy ways to start saving

Learn how to turn a little change into a big difference.

Introducing the Personal Savings Allowance

Learn about the Personal Savings Allowance and what this means to you.

An introduction to ISAs

Learn about ISAs and how you can benefit from tax free savings. 

Sharing ways to save

Try these top tips and your savings might surprise you.

Saving around the home

There are plenty of ways to reduce your expenses without even leaving the house. So pop the kettle on and get comfy. It’s time to make some savings:

Utilities

Review your electricity and gas bills and provider. You might well be paying over the odds when a cheaper energy supplier is eager to have your custom.

Mobile and broadband

Give your mobile and broadband providers a call. Chances are, if you ask for a lower tariff they’ll give you one. You just might have to put up with some cheesy hold music for a while.

Food shopping

Before you even set foot in a shop, make sure you’ve written a shopping list first. That way you’ll only buy what you need and won’t get lured in by promotions.

Repair and recycle

Do you really need to replace something, or could you get thrifty and fix it instead? Take a stance against the throwaway culture and have fun whilst you do it.

Check your bank statements

Make sure you’re not paying for any outdated subscriptions that should have been cancelled long ago. You might be surprised at just what shows up.

Different types of savings products

What type of savings product suits you best.

Easy or instant access accounts

Principality’s great range of easy or instant access accounts give you access to your money without giving notice. These everyday savings accounts are ideal for saving for a rainy day or a holiday. You can top up your account when you like and make unlimited withdrawals to help you manage life’s ups and downs. Interest rates on these accounts are generally variable.

In short:

  • Easy to set up and manage
  • Access your money when you need it
  • Open an account with as little as £1

Fixed term savings and bonds

Principality’s range of fixed term savings and bonds are for a set period – typically between 1 and 5 years. Leaving your money untouched for a fixed period generally means you get a better return on your investment. You can invest a lump sum in a fixed term bond or make regular deposits in a Regular Saver Bond.

In short:

  • Usually offer the highest rates of interest
  • You lock away your money for a set period and cannot withdraw it

ISAs

An ISA is an Individual Savings Account. If you save in an ISA, you are entitled to keep all that you receive from that investment and not pay any tax on it.

Principality’s range of ISAs help you grow your savings tax-free and make the most of your annual ISA Allowance.

Whether you want easy access to your money or you’re looking for a longer-term investment, we have a Cash ISA to suit you.

In short:

  • Interest on your savings is tax-free
  • Save your annual ISA allowance in a Cash ISA
  • Easy access, or longer term investments with fixed rates

Notice accounts

If you’re happy to give advance notice before withdrawal, Principality’s range of notice accounts give you a better return on your savings than you would get with an instant access account. Notice periods typically range from 30 to 60 days depending on the notice account, if you want to take money out, or you will lose some interest if you don’t provide notice.

In short:

  • Typically offer higher rates of interest than instant access accounts
  • Notice needed to withdraw your money

Saving for under 18s

Principality’s savings accounts for under 18s are a great way to save for your youngster, and a great way to teach them to save.

We offer easy access and regular saver bond accounts. Our Children’s Account rewards your child by giving them a free Dylan the Dragon money box and a personal passbook so they can see their money grow.

In short:

  • A great way to encourage your child to save
  • Easy to set up and manage
  • Open an account with as little as £1

Start saving in 5 steps

Get more from your savings with our top 5 tips.

Set a budget

It’s time to calculate your monthly income and all your outgoings, including utility bills, mobile phone contracts, mortgage or rent, travel, food shopping, gym membership, subscriptions, etc. To help make it easier, there are lots of handy budgeting apps available online. Once you’ve worked out the amount you have left over, that’s the figure you could save.

Wants versus needs

If you’re serious about saving, start to distinguish what your wants are, versus your needs. For example, do you really need a new jacket? Can you make dinner instead of ordering takeaway? Before you know it, you’ll be buying more of what you need and less of what you don’t.

Set up a standing order

Once you’ve worked out how much money you can spare each month, set up a standing order for each payday to automatically transfer that amount into your savings account. You won’t miss what you never had and before you know it, your savings could really start adding up.

Use cash not cards

It’s always a lot harder to part with your hard earned cash, than it is paying on card. That’s because you can physically see how much you’re spending. It really makes you stop and think. Try putting a self imposed card ban on yourself and only withdrawing enough cash to last the week. You’ll be far less tempted to splurge at the shops.

Live below your means

Sounds obvious, but the bigger the difference between your earnings and your outgoings, the more you’ll be able to save each month. If you’ve been enjoying more little luxuries than you can actually afford, just treat yourself to one little luxury instead.

Your savings tips

Got a tip you'd like to share? Share with us on social media using #societyofsavers.

Whenever we cook, we cook en masse and box up the leftovers. The amount we save by always having ready-made/home-made lunches is scary!

Katherine, Facebook

Penny challenge: Day 1 - 0.01p, Day 2 - 0.02p, Day 100 - £1.00, Day 365 - £3.65. By the end of the year you would have saved £667.95, enough for a nice break.

Kevin, Facebook

Take a list with you when shopping and stick to it, buy reduced items which are near ‘sell by’ date if you can use them or freeze them. 

Caroline, Facebook

You’re in good company - why Principality Building Society?

  • As one of Wales’ most recommended savings providers^, we’re home to a whole Society of Savers
  • We’re the 6th largest building society in the UK
  • A mutual building society owned by and run for the benefit of our 500,000 Members
  • Over 150 years’ experience helping our Members make the most of their money
  • Members can access Member Rewards featuring competitions, priority tickets to events at Principality Stadium and discounts
  • We’ve always believed in putting our Members first which is why we’ve been awarded a gold ribbon by Fairer Finance for our savings. You can rely on us to treat you fairly.
Fairer Finance - Gold ribbon - Savings accounts

Join the tax-free* savers

Learn about ISAs

ISAs are a great way of making your savings work harder, because you don’t have to pay a single penny of tax on the interest you earn. That means all the interest we pay, you keep for yourself. Perfect for helping you reach your savings goal faster.

They’re tax-free*

Your individual ISA allowance is tax free which means that you don’t pay any tax. All the interest that is paid to you, you keep for yourself.

Some are flexible

You can split your allowance, take money out and replace it before the end of the same tax year without losing out and choose a monthly or annual interest option.

Transfer between ISAs

Depending on your account terms you may be able to transfer money held in a Stocks & Shares ISA to a Cash ISA and vice versa, by popping into branch or giving us a call.

You can still access your money in a fixed-rate ISA

If you have savings in a fixed-term non-ISA savings account, you might not be able to touch your money until the end of that term. However, banks and building societies aren’t allowed to do this with ISAs. So, although you might need to give a notice period and in some instances may also be charged, you’ll always have access to your money.

ISA inheritance

In the event of death, ISAs can now be passed on to your surviving spouse or civil partner. If you’d like to find out all the details, get in touch.

Your situation might change

With your savings in an ISA you won’t pay tax on your interest, even if for example your income increases and takes you to a higher tax band, which would result in your Personal Savings Allowance reducing.

Tax-Free* Savers guide

You can find out about all your options for saving here by visiting our savings product pages.

Alternatively, download this handy guide with everything you need to know about making the most of your annual tax-free* savings allowance. You can print out and read at your leisure or you can also pick up a free printed copy in branch.

Join the tax-free savers - leaflet

Changes for all savers

Helping you get to grips with tax-free savings is just one of the ways we can help. Last year the Government introduced some important changes to the way you save.

The Government introduced a Personal Savings Allowance

If you’re a basic-rate taxpayer you can earn up to £1,000 interest per tax year across all of your non-ISA savings without paying a penny of tax on it. For higher-rate taxpayers, that figure changes to £500.

The only time you’ll be taxed on your savings is if you earn interest above your Personal Savings Allowance

All banks and building societies will stop taking tax from all interest earned on your non-ISA savings.

The Government introduced new flexible ISA rules

You can now take money out of some ISAs and replace it that same tax year, without it counting any further towards your annual ISA allowance. All Principality Variable Rate ISAs, e-ISAs and Promise ISAs are flexible.

Savings accounts

Whether you want to earn excellent returns on your savings, put money away for a dream holiday, teach your children how to save, save money for your retirement, a car or your first home, or earn tax-free interest on your annual Cash ISA allowance. See what savings products we have on offer to help you reach your goal. 

Savings accounts piggy bank

* Tax-free means the interest you earn is exempt from UK Income Tax and Capital Gains Tax. You cannot open two or more ISAs in the same tax year. Tax treatment depends on your individual circumstances and may not be maintained in the future.

^Source: GfK FRS 12 months ending December 2016. Principality Building Society was ranked 2nd in the year for NPS Scores in relation to all Wales’ savings providers with >100 respondents.

** Estimated average £2.40. Source: Allegra World Coffee Portal.