What are you saving for?

We know just how precious your savings are to you. The money you’re able to squirrel away is what helps make those plans, dreams and ambitions come true. At Principality we’re here to help make sure that money goes a little bit further.

Whether it’s that exciting event, that thing you can’t wait for or that time to relax – whatever it is, we could help you save for that.

Changes for all savers

Helping you get to grips with tax-free savings is just one of the ways we can help. From 6 April 2016, the Government has introduced some important changes to the way you save.

What you need to know:

The Government has introduced a Personal Savings Allowance.

   

From 6 April, if you’re a basic-rate taxpayer you’ll be able to 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 has also introduced new flexible ISA rules.

   

From 6 April, you’ll be able to 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 will become flexible.