Branch 5 Access Bonus Saver

Our Branch 5 Access Bonus Saver may be right for you if you want to save when it suits you and like the comfort of knowing you can take money out up to five times each calendar year.

4.80% Gross p.a/AER† (Variable - includes a variable bonus of 1.25% payable for the first year) Book an appointment

	Interest rate	Balance	Gross* each year	AER†
	Without Bonus	£1 - £2,000,000	3.55%	3.55%
	With Bonus	£1 - £2,000,000	4.80%	4.80%

Open in branch or at an agency
Pay in from £1 to £2,000,000
Interest is paid each year on 1 January
Additional deposits permitted
You can take money out five times in every calendar year
Closure permitted but counts as a withdrawal
We can stop accepting applications at any time

Summary Box
Help & guidance

Summary Box

	Summary Box
What is the interest rate?	Interest rate without bonus 3.55% Gross/AER† (Variable) each year Interest rate with bonus (variable bonus rate of 1.25% included for the first 12 months) 4.80% Gross/AER† (Variable) each year (See the meanings of ‘Gross’ and ‘AER’ at the bottom of this page). 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.
Can Principality change the interest rate?	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.
What would the estimated balance be after 12 months and 24 months based on a £1,000 deposit?	Estimated balance after 12 months £1,048.00 (interest rate of 4.80% AER includes variable bonus rate of 1.25% Gross for the first 12 months) Estimated balance after 24 months £1,085.20 (only the underlying interest rate of 3.55% AER is paid for months 13 to 24) This is based on no further money being put in or taken out of the account and no change to the interest or bonus rate.
How do I open and manage my account?	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, agency, by post, or by using the online service Your Account at principality.co.uk.
Can I withdraw money?	Yes, you can make five withdrawals 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 gov.uk and search Personal Savings Allowance. The interest rates quoted above were correct on 16/11/2023.

Help & guidance

Guides Read more for top tips on saving and answers to your savings and ISA questions.

FAQs

Before you apply, please read the Branch 5 Access Bonus Saver 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.

Please also read the following:

^ 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.

Putting money into your savings account Once you've opened your savings account, for most accounts you should pay money in within 5 business days. Click here for information on how you can do that.

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