Credit interest rates correct at 8/11/11. (1) You must fund your account with at least £750 per month from an external source. Cash, cheques and transfers from other personal Cumberland accounts will not count towards the minimum funding requirement. Transfers from Cumberland Business accounts will count towards the minimum funding requirement. In the case of joint accounts, one such source of income is acceptable. (2) Applications from 13-15 year olds must be approved by a parent/guardian. (3) You must fund your account with at least £200 per month from an external source. Transfers from other personal Cumberland accounts will not count towards the minimum funding requirement. Transfers from Cumberland Business accounts will count towards the minimum funding requirement. This requirement does not apply for customers under 24 years of age. In the case of joint accounts, one such source of income is acceptable. (4) The Cumberland does not charge you to use your Cumberland card but the provider of an ATM or retailer may apply a charge. (5) A fee of 2.5% of the transaction amount will be charged for every foreign currency transaction (with effect from 1 May 2012). The provider of an ATM or retailer may also apply a charge. (6) Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. (7) Net interest is the rate of interest which would be payable after allowing for the deduction of income tax at 20%, i.e. the rate specified by law. Net interest rates have been rounded and are for illustrative purposes only. (8) Annual Equivalent Rate (AER) illustrates what the interest rate would be if interest was paid and added each year. (9) EAR – Effective Annual Rate. (10) If you do not meet the minimum funding requirement in a calendar month, a charge of £2 will be applied to the account in the following month. The charge will be applied for every calendar month that the minimum funding requirement is not met. The charge will not be applied if the average balance of your account during a calendar month is £1,000 or above and your account has remained in credit. Further details of this charge can be found in the ‘Account Funding’ section of our Current Accounts leaflet. (11) In the case of joint accounts, all account holders must be over 18 for a cheque book to be issued. (12) In the case of joint accounts, the minimum funding requirement will apply once the oldest account holder reaches 24. (13) Free eStatements provided if the account is registered for Internet Banking. If the account is not registered for Internet Banking, monthly paper statements are available at a charge of £2 per statement. (14) Internet Banking is a requirement for all new accounts where all applicants are under 24.