Member Limited Access

Pop into branch to open a Member Limited Access account. The rate includes an unconditional bonus for the first 12 months. The account has limited access with up to 5 withdrawals a year. 

  • Available to Members who have been with us for one year or more
  • Open in branch or at an agency
  • Pay in from £1 to £30,000
  • Bonus rate available for the first year
  • The rate is 0.45% (Variable) after the first year
  • Interest is calculated daily 
  • Interest is paid each year on 1st January
  • You can take money out five times every calendar year
  • You can close the account, but closure counts as a withdrawal
  • We can stop accepting applications at any time

  Summary Box
Account Name Member Limited Access
What is the interest rate? With bonus 0.65% Gross* / AER† (Variable) first year

Without bonus 0.45% Gross* / AER† (Variable) each year

(See the meanings of ‘Gross’ and ‘AER’ below this summary box.)

Interest is calculated each day on the money in the account and paid on 1st January every year.

The interest rate you receive will be the rate with bonus for the first 12 months. After 12 months the rate will change to the rate without bonus. We will write to remind you before this happens.
Can Principality change the interest rate?
  • Yes, variable interest rates can go up or down.
  • If you have £100 or more in the account, we will give notice of any reduction in interest rates at least 14 days before the change takes effect.
  • When the rate changes to the rate without bonus, we will write to remind you 14 days before this happens, no matter how much money you have in the account.
  • For more information, see the section Changes to interest rates in our Savings Terms and Conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit? £1,004.50 (without bonus)

£1,006.50 (with bonus)

This is based on no further money being put in or taken out of the account and no change to the interest rate.
How do I open and manage my account?
  • To open this account, you must have been a Member of Principality Building Society for 1 year or more on the day you open the account.
  • You must be 18 or over and a UK resident (see your account terms).
  • This can be a joint account, but you can’t have more than one Member Limited Access account in your name.
  • You can open the account in branch or at an agency.
  • You must keep at least £1 (the minimum balance) in the account.
  • If the account reaches £30,000 (the maximum balance), you cannot pay any more money in.
  • If we do not receive your first payment into the account within five business days of the account opening, we will close it.
  • You can manage the account in branch, at an agency, by post or by using the online service, Your Account at
Can I withdraw money?
  • Yes, you can make five withdrawals from the account every calendar year.
  • Closing the account counts as a withdrawal.
Additional information
  • Service charges and costs may apply to the account. These are set out in our Tariff of Charges.
  • In certain circumstances we may refuse an instruction for using an account. These circumstances are set out in our Savings Terms and Conditions.
  • If the total amount of interest you earn is more than your tax-free Personal Savings Allowance, you may have to pay tax directly to HM Revenue & Customs (HMRC). For more information, visit and search Personal Savings Allowance.
  • The interest rates quoted above were correct on 24/11/2021.

Before you apply, please read the Member Limited Access Account Terms & Conditions

As you will be bound by the Account Terms and your information is held in accordance with our privacy policy, you should read, print and save the below documents for your records. If you have any queries relating to them, please contact us for further information.


* Gross interest is the rate of interest before income tax is deducted at the rate set by law.

† AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest were paid once each year on the whole balance, including previous interest payments.

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. Click here for information on how you can do that.

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