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Branch 5 Access Bonus Saver

Issue 2

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Is this account right for me?

There are a few reasons why this account could suit you. This account is...

For the ones who
  • Want a variable interest rate
  • Want a variable bonus for one year
  • Are happy with a limited number of withdrawals
Not for the ones who
  • Want the certainty of a fixed rate
  • Want to make unlimited withdrawals

Summary box

This summary contains key information about our Branch 5 Access Bonus Saver. You should read it carefully before applying.

Interest is calculated each day on the money in the account and paid on 1 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 notify you before this happens.

Length of time  Rate 


After the first 12 months 

3.15% Gross*/AER† (Variable) each year 

The interest rate without the variable bonus rate included 
For the first 12 months 

4.20% Gross*/AER† (Variable) each year 

Variable bonus rate of 1.05% included for the first 12 months 

Yes, both the interest and the bonus rates can go up or down. 
 
If you have £100 or more in the account, we will give notice of any reduction in interest or bonus rates at least 14 days before the change takes effect. 
 
When the interest rate changes to the interest rate without bonus, we will send you a reminder 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. 

This is based on: 

  • No further money being put in or taken out of the account.
  • No change to the interest or bonus rate. 

This calculation is for guidance only, to show you what a future balance could look like. It does not consider your individual circumstances. 

Length of time Estimated balance
After 12 months

 £1,042.00 

Interest rate of 4.20% AER includes variable bonus rate of 1.05% Gross for the first 12 months 
After 24 months

£1,074.82  

Only the underlying interest rate of 3.15% AER is paid for months 13 to 24 

  • You must be 16 or over and a UK resident (see your Branch 5 Access Bonus Saver account terms). 
  • 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 £2,000,000 (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 a secure online profile with Principality. 

Yes, you can make five withdrawals from the account every calendar year. Closing the account counts as a withdrawal. 

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 and Customs (HMRC). For more information, visit gov.uk. 

The interest rates quoted above were correct on 05/12/2024. 

Downloadable documents

Please take some time to review this important information. We recommend you download these and keep copies somewhere safe; you may choose to print them.

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Start saving today

Let's get you saving. You need to visit a branch to apply for this account:

  • Book an appointment or pop in
  • Chat with us and open your account
  • Start saving


Book an appointment

Additional 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 was paid and compounded once each year.
^Tax-free means the interest you earn isn't subject to UK Income Tax and Capital Gains Tax. Tax treatment depends on your individual circumstances and could change in future.