Brexit statement

The UK and Brexit

The UK is no longer a member of the European Union. The UK and European Union have agreed a trade deal, which does not allow the previous agreements relating to financial services to continue as they were.

So we can continue to act within the laws and regulations that apply within the EU, we’ve made the following difficult decisions: 

• If you reside in the Netherlands, Belgium or Italy and you have a savings account with us, unfortunately we will be closing your account. This is because it is our current understanding that we can no longer hold accounts for customers residing in these countries.

• If you reside in any other EU country, we can no longer accept deposits/credit transfers or payments from certain EU accounts into a Principality account.  

• If you reside in any other EU country, we can no longer accept requests for the following changes to your Principality mortgage if you live in the EU – switch to another rate; request further borrowing; add or remove customers to the mortgage; change the payment due date; extend or reduce the term, and change the repayment method.

We’re sorry if these changes cause our customers any inconvenience. We will continue to monitor our position and if necessary, get in touch.

We will also continue to update this web page with any developments, and how these may affect you.

Last updated 17th August 2021

More information...

For further information about how Brexit will affect you:

 

Is my money safe?

Yes, your money is protected by the Financial Services Compensation Scheme and this protection will still apply following Brexit. For further details, see: https://www.fscs.org.uk/.

Will there be any changes to my mortgage and/or saving account(s)?

Yes.

If you live in the Netherlands, Belgium or Italy and you have a savings account with us, we will be closing your account. Please contact us on 0330 333 4000 by 16th November 2021.  We have written to all impacted customers.

If you live within any other EU country, your savings account and/or mortgage account can continue with us. However, from 11pm on 31st December 2020, we no longer allow the following.

If you have a savings account with us, we cannot:

accept deposits from an EU bank account,
accept credit transfers from an account held in the EU to your Principality savings account.

If you have a mortgage account with us, we cannot accept payments from an EU bank account. And you are no longer able to request the following changes on your mortgage:

  • Switch to another rate;
  • Request further borrowing;
  • Add or remove customers to the mortgage;
  • Change the payment due date;
  • Extend or reduce the term; and
  • Change the repayment method.



I am an EU citizen living in the UK, will there be any changes to my account?

Currently, we don’t anticipate making any changes to the way your account is serviced. However, our products are only available to individuals resident in the UK for tax purposes or Crown employees serving overseas and their spouses.

I live in the EU and have a savings account with you. Should I take any action?

Yes.

If you live in the Netherlands, Belgium or Italy and you have a savings account with us, we will be closing your account. Please contact us on 0330 333 4000 by 16th November 2021.  We have written to all impacted customers.

If you live in any other EU country and you have a saving accounts with us, this can remain open and will still accrue interest. However, if you currently receive payments via an EU account in relation to your savings account, you need to:

  • Change these payments so that these are being received from a UK bank account. If these changes are not made, then any future payments will not be accepted. You should also look to update your correspondence address. Once you change this, all servicing communications e.g. statements, will be sent there and you may need to act promptly in response to some of these

    Or;
  • Close your account subject to any charge. Previously, we advised that your savings had to be sent to a UK account. However, we are now able to close your account by way of a single transaction to an EU bank account operating in your name. To do this we will need you to send us a bank statement showing your address and account information

I live in the EU and have a mortgage account with you. Should I take any action?

Yes.

If you have a mortgage account with us this can remain open. However, if you currently send payments via an EU account to it or wish to make any changes to your mortgage account now or in the future, you need to:

  • Amend these payments so that these are received from a UK bank account. If this change hasn’t been made, then we haven’t accepted any payments into your account since 31st December 2020. You should look to update your correspondence address to a UK address. Once you make this change, all servicing communications such as statements will be sent there and you may need to act promptly in response to some of these. 

Or;

  • Close your account, and transfer your mortgage to another provider. You may incur a penalty. 

 

 

Will you keep me informed of any changes?

Yes. We have written to all customers impacted by these changes and will continue to provide updated communications if we need to make any further alterations to our products or how we service them.

Any updates will also be posted on this web page.

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