Putting money into your savings account

Once you’ve opened your savings account, for most accounts you should pay money in within 5 business days.

You can add money to your savings account in a number of ways:

1. Transfer money from your bank or building society

The quickest way to pay money into your account is from another bank or building society using these details:

  • Sort code: 20-18-23
  • Account Number: 90653535
  • Reference: This should be your Principality savings account number

After your first payment, you can pay in money by standing order from a UK bank or building society account in your name with another provider. Once set up, the same amount will enter your savings account each month.

For regular saver accounts, where there is a limit on the amount you can pay in every month, you should set up your payment date for no later than the 20th to make sure we receive the standing order payment by the end of each month.

2. Send us a cheque in the post

Make your cheque payable to:

  • Principality Building Society – [Your name e.g. John Smith] - [Your Principality savings account number]
  • Send your cheque to:
    • Principality Building Society
      Savings Team
      PO Box 89
      Queen Street
      Cardiff CF10 1UA

3. Put money in at your local branch

  • You can visit any Principality branch or agency to add money to your account. Use our Branch Finder to find your nearest branch.

Remember, if you have an online only savings account e.g. e-Saver or e-ISA you can't put money in at a branch.

Confirmation of Payee

Confirmation of Payee is a new industry initiative. All UK banks and building societies are introducing the service, which helps to keep your money safe and tackle fraud.

Confirmation of Payee is an account name checking service. It checks the name on an account before a new electronic payment e.g. CHAPS or Standing Order is set up. It aims to give you confidence that you are sending your payments to the right person or business before you make the payment.

If your bank uses Confirmation of Payee checks, the points below will help you complete them:

  • Who are you paying: Some banks ask if the account you are sending money to is personal or business. Even though you are paying the money to your account, you are paying it to Principality so you should select business if this option appears.
  • Name of payee: The registered name on our account is Principality Building Society. If you enter any other name, including your own, you will be told that the account names do not match or only partially match. The message will vary depending on your bank.
  • Recipient bank – As a building society we use Barclays Bank as our bank account provider, so don’t worry if you see Barclays appearing as the recipient bank when putting money into your Principality savings account.

You can find out more about Confirmation of Payee by visiting the UK Finance website.

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