Promise Saver

  • Open in branch
  • Save from £500 to £2 million
  • Interest is calculated on your daily balance and paid annually or monthly
  • Enjoy a bonus every year if you don't make more than 2 withdrawals per calendar year
  • Withdraw your money at 30 days notice or immediately with a loss of 30 days gross* interest
  • Closure permitted (and counted as a withdrawal)

Product details

Account name - Promise Saver Issue 8

Without conditional bonus

  Balance Gross* p.a. AER†
Annual interest £500 - £2,000,000 0.60% 0.60%
Monthly interest £500 - £2,000,000 0.60% 0.60%

With conditional bonus

  Balance Gross* p.a. AER†
Annual interest £500 - £2,000,000 1.10% 1.10%
Monthly interest £500 - £2,000,000 1.10% 1.10%
Open your account in branch

Once your account is open you can manage your account in one of our branches or by post, whichever you prefer.


We promise you an annual bonus every year

Every year you will enjoy a core interest rate, as well as having the opportunity to earn a fixed bonus of 0.50% paid annually as long as you make no more than 2 withdrawals per calendar year.

Interest is calculated daily and can be paid annually or monthly

If you choose to have your interest paid annually, interest is calculated daily and paid on the 1st of January every year. You can choose whether to add your interest to your account, transfer it to another Principality account or have it transferred into another UK bank or building society account. 

If you choose to have your interest paid monthly, interest will be calculated daily and will be paid on the first working day following a full calendar month from your account opening and the first working day of every month after that.

Withdraw money with only 30 days notice

You can access your savings by giving us 30 days’ notice by visiting your local branch or letting us know in writing. Alternatively, if you need access to your money immediately you can make a withdrawal subject to a loss of 30 days’ gross* interest on the amount you withdraw. Closure will count as a withdrawal.

Service Charges and Cost Related Charges may apply to your account, these are outlined in our Tariff of Charges.

Variable account rates could increase or decrease. Customers will be given personal notification of any material reduction in interest rates a reasonable time before the change takes effect or, if the Account is a payment services account, 60 days before the change takes effect. To understand why rates may be reduced please refer to page 12 of the Savings Terms and Conditions.

In certain circumstances we may refuse an instruction to operate an account. These circumstances are outlined on page 5 of the Savings Terms and Conditions.

Summary information

Summary Box - key product information for our savings account(s)

Account name - Promise Saver Issue 8

Without conditional bonus

  Balance Gross* p.a. AER†
Annual interest £500 - £2,000,000 0.60% 0.60%
Monthly interest £500 - £2,000,000 0.60% 0.60%

With conditional bonus

  Balance Gross* p.a. AER†
Annual interest £500 - £2,000,000 1.10% 1.10%
Monthly interest £500 - £2,000,000 1.10% 1.10%

Tax status
Interest will be paid gross, which means interest is paid to you without tax being deducted from it. If the total amount of interest you earn exceeds your Personal Savings Allowance then you may have to pay tax directly to HM Revenue and Customs. For more information please refer to our handy guide to the Government’s new changes to tax-free savings or visit www.gov.uk and search ‘Personal Savings Allowance’.

Conditions for bonus payments
Conditional bonus of 0.50% paid on 1 January in addition to the 0.60% AER† core rate provided no more than 2 withdrawals (closure will count as a withdrawal) are made per calendar year.

Withdrawal arrangements
All withdrawals from your Account are subject to 30 days’ prior written notice or loss of 30 days’ gross* interest on the amount you withdraw, if you do not give 30 days' prior written notice.

Access
Apply in branch. Once opened can be operated in branch or by post.

Service Charges and Cost Related Charges may apply to your account, these are outlined in our Tariff of Charges.

Variable account rates could increase or decrease. Customers will be given personal notification of any material reduction in interest rates a reasonable time before the change takes effect or, if the Account is a payment services account, 60 days before the change takes effect. To understand why rates may be reduced please refer to page 12 of the Savings Terms and Conditions.

In certain circumstances we may refuse an instruction to operate an account. These circumstances are outlined on page 5 of the Savings Terms and Conditions.

Help & guidance

Watch our video guide to savings (04:04)

Get more from your savings with our top 10 tips for saving. Read guide

Interactive Savings Calculator
Use our calculator to help you choose an account that suits your needs

Terms & conditions
Promise Saver Issue 8 Terms & Conditions

As you will be bound by the Account Terms of the account, you must read them. If you do not understand any of the terms and conditions please contact us for further information.
We recommend that you print and keep a copy of these terms and conditions for your records.
Please also read the following:
  • 6th largest UK building society
  • A mutual building society, owned by and run for the benefit of our 500,000 members
  • Over 150 years experience
  • Taking care of over £8 billion of our customers' assets

* Gross is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.

† AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest were paid and compounded once each year.


savings

Promise Saver Issue 8