Principality BS timings

[Deleted User]

Hello,

Anyone got any experience with principality bs? I got in on a 5% variable ISA with them.

I cannot seem to locate an FAQ on how long their withdrawals take - if it’s more than 24h I might leave part of my emergency fund in another cash ISA that is instant.

Also I have waited over 5 days for their activation code - do people have any experience of this? They have advised I can order a new one, but I bet if I do it will invalidate the first which will arrive today 😂

refluxer

While Principality do allow you to apply for accounts online and do offer online banking, they are still a fairly traditional building society in that they process certain actions manually and use the post for things like statements and forms.

Saying that, I've always found their customer support to be excellent and I've never had an issue with any of the regular savers or cash ISAs I've held with them over the years. 

I've never held an ISA with them that I've needed to make withdrawals from though, but it wouldn't surprise me if withdrawals were either same day (if made before a certain time) or next day at the latest. If it doesn't mention timescales in your account T&C's, I would check their general savings T&C's for that information.

It might be worth holding out for your online code for another few days. First class post can take up to a week to get to my address these days and I don't live anywhere remote. The deterioration of the Royal Mail postal system has been sad to watch.

Rudyson

Give them a ring and ask them, they're very helpful.

refluxer

Looks like my instincts were correct - timescales for withdrawals are mentioned in their general savings account T&Cs. If your account is the Online ISA, then this entry looks to be the most relevant (withdrawals in a branch have different limits and timescales)...

Type of payment you’re taking out

Electronic payments of up to £10,000 each, up to a total of £100,000 a day, to a UK bank account in your name, requested from an online-only account 

When you will receive the money

If we receive your instruction before 3.30pm on a business day, the same day. If we receive your instruction at any other time, the next business day.

surreysaver

I did a test withdrawal from my ISA with them last week on either Saturday or Sunday. It did turn up in my current account the same day, even though the T&Cs say the next working day if you make the transaction after 15.30 on a weekday.
You probably wouldn't want to rely on that, though 

Section62

surreysaver said:

I did a test withdrawal from my ISA with them last week on either Saturday or Sunday. It did turn up in my current account the same day, even though the T&Cs say the next working day if you make the transaction after 15.30 on a weekday.
You probably wouldn't want to rely on that, though 

I think the 15:30 thing is a case of them making payment the same day if possible, but after 15:30 there's no promise/guarantee and it may be next day.

I've made a fair number of withdrawals from Principality and had a similar experience to yours.  I've found phoning them (when possible) has always been more reliabile than using an online form (the transaction seems to be processed immediately if you do it on the phone).

Bigwheels1111

[Deleted User] said:

Hello,

Anyone got any experience with principality bs? I got in on a 5% variable ISA with them.

I cannot seem to locate an FAQ on how long their withdrawals take - if it’s more than 24h I might leave part of my emergency fund in another cash ISA that is instant.

Also I have waited over 5 days for their activation code - do people have any experience of this? They have advised I can order a new one, but I bet if I do it will invalidate the first which will arrive today 😂

Go to Chip, with open banking deposits and withdrawals are near instantaneous.
Plus 5.1%.

allegro120

[Deleted User] said:

Hello,

Anyone got any experience with principality bs? I got in on a 5% variable ISA with them.

I cannot seem to locate an FAQ on how long their withdrawals take - if it’s more than 24h I might leave part of my emergency fund in another cash ISA that is instant.

Also I have waited over 5 days for their activation code - do people have any experience of this? They have advised I can order a new one, but I bet if I do it will invalidate the first which will arrive today 😂

I've had regular savers with Principality for many years.  As far as I remember withdrawn funds arrive on the same day, including weekends. 

35har1old

surreysaver said:

I did a test withdrawal from my ISA with them last week on either Saturday or Sunday. It did turn up in my current account the same day, even though the T&Cs say the next working day if you make the transaction after 15.30 on a weekday.
You probably wouldn't want to rely on that, though 

If in the future you want to transfer to another provider you might find you will have to submit a paper request rather than a digital one 

surreysaver

35har1old said:

surreysaver said:

I did a test withdrawal from my ISA with them last week on either Saturday or Sunday. It did turn up in my current account the same day, even though the T&Cs say the next working day if you make the transaction after 15.30 on a weekday.
You probably wouldn't want to rely on that, though 

If in the future you want to transfer to another provider you might find you will have to submit a paper request rather than a digital one 

That's fine. I have pens in the house and I know how to write. I've also bought a load of second class stamps before the prices went up

I think its only if I want to transfer to Principality I have to manually fill in a form and manually go to a post box? Transferring from Principality should be okay electronically?

Bridlington1

surreysaver said:

35har1old said:

surreysaver said:

I did a test withdrawal from my ISA with them last week on either Saturday or Sunday. It did turn up in my current account the same day, even though the T&Cs say the next working day if you make the transaction after 15.30 on a weekday.
You probably wouldn't want to rely on that, though 

If in the future you want to transfer to another provider you might find you will have to submit a paper request rather than a digital one 

That's fine. I have pens in the house and I know how to write. I've also bought a load of second class stamps before the prices went up

I think its only if I want to transfer to Principality I have to manually fill in a form and manually go to a post box? Transferring from Principality should be okay electronically?

Whilst I haven't had an ISA with Principality before I would imagine if you wanted to transfer the Principality ISA out later on it would need to be done by post. When I had the Saffron RS ISA last year I needed to transfer out by post as Saffron won't do ISA transfers electronically (in or out), even though the bank I was transferring to accepted electronic ISA transfers. 

Cynergy has a list of banks/building societies that do transfers electronically on their website:
https://www.cynergybank.co.uk/personal/isa-transfers