The Cumberland Building Society Charitable Foundation is a registered charity and was set up by Cumberland Building Society in November 1998. Although the Foundation was set up by the Society, they are separate organisations. The Foundation is not part of the Cumberland Group.
The Foundation is a means through which the Society channels some of its charitable donations.
Each year, the Society donates funds to the Foundation to allow it to support a wide range of local charitable organisations and causes.
It is also the channel for the payment of potential conversion benefits under the terms of the Society's charitable assignment scheme.
Under circumstances whereby conversion benefits might be given to Society investing members for those joining after 16th November 1998, they would instead be passed to the Foundation - the Foundation would then use the payment received to support its charitable purpose.
It is run by an independent Board of Trustees to make donations to support charitable causes which appear to the Trustees to be for the benefit of persons resident in or otherwise connected with Cumbria, Dumfriesshire, Preston, Lancaster and Haltwhistle areas.
Your eligible deposits with Cumberland Building Society are protected up to a total of £75,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered.