Your questions answered

Concerns regarding digital exclusion from the AGM, noting difficulties registering attendance without online access. 

The Notice of AGM includes a QR code, URL and telephone number. The Secretary would consider incorporating a postal option in 2027.

Will the planned mobile app focus on accessibility? 

Accessibility is a key requirement in design. High standards and external input are being used. 

When will you get an app?

We are pleased to let you know that we are improving our online services and plan to launch an app later this year. The app will enable members to securely login using their face or fingerprint as their password, view balances and account details, pay in and withdraw money, send us secure messages and give maturity instructions. 

The first time members download the app, they will need to register their device and biometrics using the online profile number and password they use for accessing our existing online service. We will be writing to members in advance to encourage them to register for an online profile in readiness and our colleagues will be at hand to help members get started. In line with our ambitions to enhance our digital capability, this is a big step forward in offering choice to our customers. 

Is PBS committed to the High Street? 

We have the largest high street brand presence of any bank or building society in Wales. At last year’s AGM, we announced our commitment to maintain our presence in our high streets and communities until 2030. This announcement extended our commitment to the communities we serve, recognising the importance of our branch presence to our Members. Our commitment is to a meaningful presence in the communities we serve. It does not mean we will never close a branch, for instance if we operationally have to, for example if we have a lease expiry enforce by a landlord, or multiple branches in one location. 

It is no longer enough to have the biggest branch presence – in order to remain relevant for future generations we must also invest in our digital offering, which will compliment our face-to-face services – with a new website launched and a digital app on the way. 

Can you extend Saturday branch opening hours?

Opening hours are based on customer demand and usage patterns, and previous trials of extended hours had not generated sufficient demand, though this remains under review.

Will you follow other building societies and pay a Member dividend?

While we recognise that some mutuals make one-off payments to members, our approach is to return value to our Members in a more consistent and sustainable way by reinvesting our profits into competitive savings and mortgage rates, improved services, and investment into local communities and social initiatives. Our preferential savings rates alone delivered around £88 million* back to Members last year.  

Why is members’ money being used when we don't get to choose the cause? 

Our charity partners are selected through a colleague-led process to ensure they align with our strategy, key social issues and can deliver impact across Wales and the Borders. Since 2014, we’ve donated over £2 million and seen strong support from Members.

We’re not currently planning to put our charity partner to a Member vote. Our current partnership runs until the end of 2026, and we will review our approach then, including how we engage Members in the future.

What happens to the Society’s profits?

Profits are retained as capital to support lending growth, regulatory requirements, and investment in the business. Put simply, profits are reinvested for members.

Why are there different interest rates between digital and branch accounts? 

Pricing reflects different customer channels and preferences, and all products are accessible to members.

We have received several questions on Executive Directors remuneration – Why do you pay your Exec Directors so much?

Our Remuneration Committee sets the remuneration policy for the Exec Directors and broader Executive team. In doing this we aim to ensure that our policy drives;

•     Sustained growth and the long-term success of the Society for our Members 
•     A competitive remuneration package in an evolving financial services sector – this needs to consider our culture as a member owned     Building Society but we also need to take account of wider FS practice so we can attract & retain the senior talent needed
•     A policy that enables us to attract and retain senior talent
•     Pay aligned with strong performance and delivery of Member value

We have taken a thorough review of our Remuneration policy considering the broader context of the scale of strategic transformation that is needed and external market factors, with input from external remuneration advisers. This review told us that there has been a move towards more performance related and long term incentive pay in the market and confirmed that based on our asset size, we have been one of the lowest paying building societies for Executive Directors. Further detail on our revised policy can be found within the Annual Report & Accounts but as a very brief summary the key points I would highlight are that;

•     The Remuneration Committee agreed five key reward principles to shape the design and operation of the new policy. These principles focus on our culture as a member-owned building society, paying at mid-market levels, performance related short and long-term pay and reducing complexity in remuneration.
•    We will be introducing a long term incentive plan from 2026, with payouts being assessed following a 3 year period and based on performance targets aligned to key drivers of our new strategy. Further details around this will be set out in a future remuneration report.
•     Any changes to base salary levels are set with reference to mid-market levels with a greater focus on building societies.

This is a really exciting and important time for the Society, competition and the developments in strategies across large and small banks and building societies is extremely fast-paced. We know we cannot compete with the larger banks on remuneration, and nor would it be appropriate to.  However, we must ensure that we are in touch with the changes in the market, or we will not be able to bring in and keep good people to Principality. 

Why did you choose to renew the Stadium Sponsorship?

Because it delivers real, measurable value for Wales and the communities we serve; driving economic activity, supporting jobs and boosting local businesses. It is one of the most visible platforms in Wales and our strongest brand asset carrying appeal both in Wales and England. We know from our own brand tracking that people are more likely to consider becoming a Member of ours once they know about our sponsorship. 

Principality Stadium is also much more than just the home of Welsh Rugby. The Stadium now consistently attracts global artists, catapulting Cardiff and Principality Stadium onto the global stage. Over the last three years alone artists including Taylor Swift, Harry Styles and Oasis have chosen Principality Stadium as a key location for their tours. As a consequence, the appeal of Principality Stadium among fans has drastically increased and we are seeing greater numbers of visitors from outside of Wales than ever before. In the last year alone, the Stadium has attracted more than 1 million visitors. 

Being the naming partner to the Stadium also enables us to provide exclusive experiences to our Members, including ticket giveaways. We have also donated tickets to schools, and our charity partner, providing people with an amazing opportunity to experience something they may otherwise never have had the chance to.

Is there a potential conflict of interest between PBS Directors making the decision to sponsor the Stadium and subsequently receiving free hospitality tickets for events at the stadium?

We are comfortable that the way we distribute tickets is fair. As sponsors of Principality Stadium and partners of the Welsh Rugby Union, we receive an amount of general admission tickets for certain rugby matches and some third party events such as concerts. 

On average, since the sponsorship began in January 2016, approximately 64% of our tickets have been allocated to our Members and a further 16% to our colleagues via prize draws. We also allocate tickets to local communities and charity partners. The remaining tickets are utilised for brand awareness purposes and shared with our commercial lending division and with relevant third parties, such as retail mortgage brokers.

In addition to general admission tickets, we have access to one hospitality box (for most rugby matches and third-party concerts) and a small allocation of tickets to the Principality Stadium President’s lounge.  Whilst directors and members of our Executive team attend some stadium events in the box, this is typically in a hosting capacity.