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Prinipality - The Building Society of Wales
Member Name: chris212
Date: 02/06/09, updated on 02/06/09 (260 review reads)
Advantages: Saver than a bank
Disadvantages: No instant access from cash machine, must go to branch to access money
The Principality Building Society is the only building society or bank that is based in Wales, and has it headquaters in Wales. While it mainly operates within Wales, I believe that the building society operate within the Boarder Regions.
The way that the Principality Building society operate their account system is through a passport system book system, for use in the branch. So far I haave not used their internet site for internet banking. The way that the in branch passport style system works is by taking the passport to the branch, handing over the passport and askinng for the amount of money that you wish to withdraw.
The down side is that money over a certain amount, which I believe to be £500 must be ordered and will take a day before you can recieve the money. A good thing about the passport is that it keeps a rercord of the transactions that have taken place; so it will record all money that that has been paid in and withdrawn by the amount holder.
Another down side to the passport system is that the Principality do not issue a cash point card, so the only a person is able to withdraw money from their account is through a branch.
But what the passport system does do is add extra security, as the only person that is able to take money out of the account are those people that are authorised on the account as being able to do so. Also these is within the passport book system itself, it will state who can withdraw.
The types pf accounts that are avaliable to a person are standard to all building societys, as the Principality minaly operate savings account, such as ISAs; but also offer products such as loans and mortgages. Although at the moment the interest rates like all other building societys and banks are not the greatest.
What I have found with the local branch that I go to within Cardiff is that the staff are always polite and helpful. Therefore I would recommend the Prinicality to any person that is looking for a new place to store their money or a new savings account. Although, I cannot comment on the internet part of the Principality as I have never used it.
Summary: Would recommend, as saver than a bank
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