Savings maturity What's next for my savings account?
We are updating our Savings Terms and Conditions
Effective from 1st July 2020, we are making the following updates:
• Clause 1 - we are updating how long you have to fund your new account
• Clause 44 - we are updating our cheque withdrawal process
• Account Special Term 1 – we are clarifying the criteria for who can open accounts
• Signatory Term 13 - we are updating the deceased signatory process on signatory accounts
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◆Please note, the advertised rates are limited availability and can be withdrawn or amended at any time.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.
Our maturity savings accounts may be right for you if you have a lump sum to deposit and you’re able to leave your investment untouched for a set period of time. You’ll benefit from exclusive rates and save the hassle of switching.
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.
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 4000. 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.
These products are only available to customers with a maturing Principality fixed term 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 the interest you earn is exempt from UK Income Tax and Capital Gains Tax. Tax treatment depends on your individual circumstances and may not be maintained in future.
* Gross is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
† AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest were paid and compounded once each year.