The 7th largest building society in the UK, Wales-based Principality, has recently made waves with many competitive deals on savings accounts and other related personal and business bank account products, experts say.
One of the strongest offerings of the building society is its instant access cash ISA, which offers better returns on savers’ investments in comparison with larger providers, such as NatWest and Halifax. Like many providers, Principality offers a bonus rate on their savings product which expires after a set period of time, yet unlike the majority of its competitors, the standard rate on the product is nearly as abysmal.
Halifax, ING, and other providers often leave savers with a paltry 0.55 per cent rate after the expiration of their 12 month bonus. However, Principality’s standard rate is 1.8 per cent, making it a very attractive choice for savers looking to capitalise on standard rates that don’t leave them out in the cold.
The building society’s traditional instant access savings product is also highly competitive with Nationwide and the Post Office, the current market leaders. Principality’s introductory rate of return is 3.01 per cent, trailing Nationwide’s rate by 0.01 percentage points and matching the Post Office’s bonus rate as well.
Principality’s instant access saver requires just a £1 minimum deposit to take out, which matches the Post Office offering. While the bonus rate drops off the account after the initial 12 months, dropping the rate of return to only 1.65 per cent, industry experts lauded the building society for not leaving customers as high and dry as some competitors who drop the rates on their savings products to paltry levels following their own bonus rate expiries.