Savings maturity What's next for my savings account?
Rewarding loyalty with exclusive rates
Is your savings account coming to the end of its fixed term?
Our loyal savings Members can get more from us. Those with a maturing savings account may be able to benefit from higher rates than new customers.
If your savings account is about to come to the end of its term or ‘mature’, it’s time for you to start thinking about what to do next with your money. When maturity is approaching, you will receive a pack in the post explaining your options. When your term comes to an end, we can offer you exclusive rates designed to reward you if you decide to reinvest with Principality.
Available for a limited time◆
To take advantage of these exclusive rates, you must apply within 14 days of your maturity date (14 days before and 14 days after). If we don’t hear from you before maturity, your balance will automatically be moved into the account we told you about in your maturity notice. Once your money is in this account, you won’t need to give us any notice, and you can make withdrawals or close the account whenever you want.
◆Please note, the advertised rates are limited availability and can be withdrawn or amended at any time. We apply the rate available on the date of application. This means the rates provided in your maturity pack are not guaranteed so it is essential you send us your maturity instructions as soon as possible.
Fully reinvest online
You can fully reinvest in a new bond or ISA online, after receiving your maturity pack. You’ll benefit from exclusive rates and save yourself a phone call.
Top up your savings
You can make additional deposits up to 5 business days after opening your new fixed account.
Take out a little and reinvest the rest
On the other hand, if you would like to reinvest in a new bond or ISA with some of your money rather than all of it you can by sending the form in your maturity pack to us.
|Product||Balance||Gross* each year / AER†||Link|
|Maturity Limited Access Issue 4||£500-£2,000,000||0.70% (variable)||More Info|
|1 Year Fixed Rate Bond (Issue 367)||£500-£2,000,000||1.25% (fixed)||More Info|
|1 Year Regular Saver Bond (Issue 26)||£20 - £250 (per calendar month)||1.25% (fixed)||More Info|
|Maturity 2 Year Fixed Rate Bond (FRB81)||£500-£2,000,000||1.70% (fixed)||More Info|
|Maturity 3 Year Fixed Rate Bond (FRB82)||£500-£2,000,000||1.75% (fixed)||More Info|
|Maturity 5 Year Fixed Rate Bond (FRB83)||£500-£2,000,000||1.80% (fixed)||More Info|
|Product||Balance||Tax-free^ each year / AER†||Link|
|Maturity Limited Access Cash ISA Issue 4||£500 plus||0.65% (variable)||More Info|
|1 Year Fixed Rate Cash ISA Issue 251||£500-£20,000||1.15% (fixed)||More Info|
|Maturity 2 Year Fixed Rate Cash ISA (FRISA79)||£500 plus||1.60% (fixed)||More Info|
|Maturity 3 Year Fixed Rate Cash ISA (FRISA80)||£500 plus||1.65% (fixed)||More Info|
|Maturity 5 Year Fixed Rate Cash ISA (FRISA81)||£500 plus||1.70% (fixed)||More Info|
Withdraw and close
If you wish to withdraw your funds you can transfer your money directly into your nominated account from the day of maturity or simply let the product mature into the account we told you about in your maturity notice. Alternatively, choose to receive a cheque by visiting branch with your ID and account details.
Reinvesting couldn’t be any simpler. Apply in branch, agency, by phone or by post. You may only select a maturity product up to 14 days before your account matures, and 14 days after.
You can call us on 0330 333 4012. Lines are open Monday to Friday 9am-5pm and Saturday 9am-1pm.
You will receive your maturity pack in the post around 2 weeks before your savings account is due to mature. You can let us know your instructions by completing the form and sending it to us by post.
Pop to your local branch with your maturity pack and ID and one of our friendly advisers can assist you.
Sign into Your Account, find the account that is due to mature and click the 'Your Maturity options' button to complete your maturity.
These products are only available to customers with a maturing Principality fixed term account.
If we don't hear from you before your account matures
If we don’t hear from you before maturity, your balance will automatically be moved to our Variable Cash ISA or our Instant Access account depending on whether you have a bond or ISA maturing.
The account number will remain the same as your current account and we’ll add any interest earned to it or, if you nominated an account when you opened your ISA, into that account. Once your money is placed in this account, you won’t need to give us any notice, and you will not lose any interest for making a withdrawal or for closing the account
Interest is calculated on your daily balance and paid annually, on maturity of your savings account opening or monthly, paid one month after the date on which your account is opened, and then monthly after that, depending on what you choose.
^ Tax-free means UK Income Tax and Capital Gains Tax is not deducted from the interest you earn. This depends on your individual circumstances, and may change in future.
* 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.