SAVERS in Wales are missing out on higher interest payments as new data reveals almost £15bn is held in savings and current accounts earning 1% or less.

The figures come from Principality’s recent analysis of CACI data, which shows £14.5bn is sitting in accounts earning 1% or less. Across Wales there is around £38bn in savings and current accounts, meaning almost 40% of this money is missing out on better interest rates. Currently, the average amount held in savings accounts in Wales sits at £7,337, which means the return difference between a 1% and a 5% interest account could be as much as £293 for these savers, across the year.

The Bank of England’s 14 consecutive base rate hikes have led to the highest interest rates seen in 16 years, recently held for the sixth time at 5.25%. This has resulted in higher savings rate accounts being available on the market, offering customers interest as high as 6%.

Despite this, billions of pounds in savings across Wales remain in low-interest rate accounts.

In response, Principality Building Society is urging people in Wales to consider letting their savings work harder for them through higher interest accounts. Last year, Wales’ largest building society paid a higher interest rate than the market average and currently offers savings rates between 3.5% and 6% for new and existing customers.

Vicky Wales, Chief Customer Officer at Principality Building Society, said: “We strongly urge savers across Wales to compare their current returns with other available rates on the market. Interest rates have been a focal point over the last few years due to the prolonged period of a higher Bank of England base rate. This has led to calls for banks and building societies to pass higher savings rates on to their customers, which is something we are committed to at Principality. Last year, we paid our members better interest returns than the market average demonstrating our loyalty to our customers. However, not enough emphasis is being placed on encouraging customers to stay informed about the rates available.

“As a customer, doing your research and shopping around can now significantly impact the return on your savings.

We invite people across Wales, whether you’re currently a Principality customer or not, to drop into one of our 53 branches across Wales to speak with one of our savings specialists who are on hand to help answer any questions you might have and to find out how to make your money work harder for you. We’re here to make life’s hopes and aspirations possible.”

A survey conducted by the Building Society shows that 42% of Principality’s members regularly check their savings rates to compare with other market rates, with 70% of members saying Principality offers a range of products suitable to their financial needs. More than 60% also said they would need to rely on their savings to some extent for their retirement plans.

Principality Building Society remains committed to supporting Welsh communities and has 53 branches and 15 agencies across Wales and the borders.

For more information on making your money work harder for you, visit your local Principality branch today, or go to: https://www.principality.co.uk/en/savings-accounts

Image: Huw John

THE Welsh Government is reinforcing its commitment to making Wales a ‘safe haven’ for LGBTQ+ people by providing the first in-person support service for victims and survivors of conversion practices, Social Justice Secretary Lesley Griffiths has said on International Day Against Homophobia, Transphobia and Biphobia (Friday 17 May).

The Welsh Government is partnering with Galop to deliver the new service which will also offer crucial information and resources for organisations looking to support LGBTQ+ people.

‘Conversion practices’ refer to any form of treatment, behaviour or psychotherapy aiming to change a person’s sexual orientation or to suppress a person’s gender identity.

A growing network of organisations have pledged to help survivors and people vulnerable to LGBTQ+ conversion practices access support.

The in-person support service is expected to be launched later this year.

Lesley Griffiths, Cabinet Secretary for Culture and Social Justice, said: “This new service is a first for Wales and will support survivors and victims of conversion practices. It is part of our wider commitment to improving the rights of LGBTQ+ people.

“Organisations throughout Wales have a crucial role in working with us to support the LGBTQ+ community and I encourage them to register their interest in helping us.

“Work continues to ensure steps are in place for the service to be available later this year.”

Amy Roch, Galop’s Interim CEO said, “We are delighted to be working with the Welsh government to provide direct support to LGBT+ victims of conversion practices in Wales.

“Galop’s research shows that conversion practice abuse is a significant and ongoing issue. The psychological, emotional and physical trauma of conversion practices has serious and long-term impacts on its victims. We know that survivors of this abuse need long-term, expert support to help them move on from what has happened to them, and ensure that they are safe and able to fulfil their potential.

“We’re grateful to the Welsh Government for ensuring that LGBT+ survivors of conversion practices have somewhere to turn for support.”

Tony Smith, Principality Building Society’s Chief Governance Officer, said: “We are proud to work with Welsh Government and other partners, in their efforts to make Wales a safe haven for all.

“At Principality Building Society, we believe that a diverse workforce, that reflects the communities we serve, is key to our success as a business. Our goal is to ensure that we provide an inclusive workplace for all our colleagues with a culture focused on celebrating diversity, acceptance and a sense of belonging.”

The Welsh Government commitment to support victims and survivors of conversion practices comes as part of the LGBTQ+ Action Plan for Wales in 2023, which saw the creation of a Working Group on Banning Conversion Practices.

The Group advises on proposed actions to ban conversion practices in Wales. The Action Plan was drawn up as part of a co-operation agreement between the Welsh Government and Plaid Cymru, set out the government’s aims to improve all aspects of the rights and protections of LGBTQ+ people in Wales.

FARM and estate workers from Pembrokeshire, who have been employed on the land for 25 years or more, can be nominated for the Pembrokeshire Agricultural Society’s Farm Employee Long Service Award 2024.

The President and Trustees of the Pembrokeshire Agricultural Society wish to offer inscribed Awards to both male and female workers who have not received a Pembrokeshire Agricultural Society Farm Employee Long Service Award previously.

There were two recipients for the inscribed Awards at last year’s County Show: Darran Davies from Scleddau, Fishguard and Richard Davies from Treffgarn Owen, Haverfordwest.

The 2024 Long Service Awards presentation will take place on Wednesday, 14 August at 4pm, in the President’s Pavilion at the Pembrokeshire County Show and the Award recipient and guest will receive complimentary entry tickets to the show.

Adam Thorne, President of the Pembrokeshire Agricultural Society said, “It gives us great pleasure as a Society to reward those who have been employed for such a significant amount of time by one employer in the county. We recognise what an achievement this is and it deserves an award. We are very much looking forward to receiving applications for this year’s Long Service Award. The decision of the committee will be final.”

Conditions of the Award being given are:

1. The recipient must, on the first day of the Annual Show, have been in service for 25 years on the same farm continuously, or continuously in the service of the same employer within Pembrokeshire.   

2. The employer must be a member of the Pembrokeshire Agricultural Society for the present year.

For those eligible to apply please complete the online application form and return it by 31 July 2024. If you are unable to complete the form online please contact the Show office on: 01437 764331. To apply online please click here: Long Service Award | Pembrokeshire County Show | Pembs Agricultural Society (pembsshow.org)

Pembrokeshire County Show, the largest county agricultural show in Wales, will take place on 14 and 15 August 2024. Earlybird e-tickets and Society membership details are available on the website: www.pembsshow.org