Principality introduces new savings account product

Principality Building Society has launched a new savings account deal.

Individuals researching the Principality savings packages that are currently on offer may be interested in a new product unveiled by the building society.

According to the institution, its variable rate high street savings account - called Promise Saver - allows customers to make unlimited withdrawals for the first year, after which those who make no more than two withdrawals every 12 months will be rewarded with a fixed bonus of 0.5 per cent. This will be payable on a 1.50 per cent annual equivalent rate.

In addition, it pays a variable interest rate of 2.3 per cent, as well as a 0.8 per cent unconditional bonus for the first year.

And Britons who want to compare savings products could find they benefit from the offering, as Kate Murray, savings manager at the firm, said: "This account bridges the accessibility gap between long term fixed rates and instant access accounts, offering savers increased flexibility for the first 12 months as they become more dedicated savers."

The product launch follows three fixed rate packages recently released by Sainsbury's.

By Kate Guthrie