Maturity Limited Access (Issue 2)

This is a maturity product. It is designed to reward you as one of our loyal savings Members. You will benefit from a higher rate than the products on sale to new customers offer. 

  Interest Rate Balance Gross* each year AER†
Variable Annual £500 - £2,000,000 0.45% 0.45%
  • You can only open this account if you have a Principality fixed term account coming to the end of its fixed term
  • Pay in from £500 to £2,000,000
  • Interest is paid each year on 1 January
  • You can take money out once every calendar year
  • You can close the account, but closure counts as a withdrawal
  • We can stop accepting applications at any time. While it remains available you can only open it within 14 days of the date your existing Principality fixed term account comes to an end
Summary Box
  Summary Box
What is the interest rate? 0.45% Gross* each year /AER† (variable)    

(See the meanings of ‘Gross’ and ‘AER’ at the bottom of the page)

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

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?
  • You must be a Principality customer with a fixed term savings account coming to the end of its fixed term (maturing).
  • You must be a UK resident (see your Maturity Limited Access account terms).
  • You can move money from your maturing Principality account in branch, at an agency, by post or online.
  • You must keep at least £500 (the minimum balance) in the account.
  • If the account reaches £2,000,000 (the maximum balance) you cannot pay any more money in.
  • You can manage the account in branch, at an agency, by post, or by using the online service, Your Account, at www.principality.co.uk.
  • You can open the account up to 14 days after the date your existing Principality account matures unless we remove it from sale. We can stop accepting new applications for this account at any time.
Can I withdraw money?
  • Yes, you can make one withdrawal 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 www.gov.uk and search Personal Savings Allowance.
  • The interest rates quoted above were correct on 01/06/2021.

Before you apply, please read the Maturity Limited Access Issue 2 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.

We recommend that you print and keep a copy of these terms and conditions for your records.

Please also read the following:

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* 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.

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