Annual interest option
Key Product Information Summary Box
| Account Name | Two Year Term Account - Annual Interest - Issue 3 | ||
|---|---|---|---|
| Interest rates (AER) | minimum balance | variable gross interest1 / AER2 | net interest3 |
| £100,000 | 2.75% | 2.20% | |
| £50,000 | 2.50% | 2.00% | |
| £25,000 | 2.25% | 1.80% | |
| £10,000 | 2.00% | 1.60% | |
| £2,000 | 1.60% | 1.28% | |
| £500 | 0.50% | 0.40% | |
| £1 | 0.20% | 0.16% | |
| Interest paid yearly on 30th April | |||
| Tax Status | Interest is paid net of basic rate tax. If you are eligible you may register to receive interest paid gross | ||
| Conditions for bonus payment | No bonus payment applies to this account | ||
| Withdrawal arrangements | Withdrawals or closures during the fixed term of the investment are not permitted. Withdrawals may be made without penalty on the date of maturity of the two year investment term. Withdrawals not permitted by direct debit, standing order, regular internal transfer or faster payments. | ||
| Access | Local branch Telephone: 0845 601 8396 (transfer between own Cumberland accounts) |
||
Monthly interest option
If requested we will pay interest as a monthly income on this account which must be paid into another Cumberland account or bank account, at a slightly lower rate of interest. Monthly interest is paid on the last day of the month
Key Product Information Summary Box
| Account Name | Two Year Term Account - Monthly Interest - Issue 3 | ||
|---|---|---|---|
| Interest rates (AER) | minimum balance | variable gross interest1 / AER2 | net interest3 |
| £100,000 | 2.70% | 2.16% | |
| £50,000 | 2.45% | 1.96% | |
| £25,000 | 2.20% | 1.76% | |
| £10,000 | 1.95% | 1.56% | |
| £2,000 | 1.55% | 1.24% | |
| £500 | 0.50% | 0.40% | |
| £1 | 0.20% | 0.16% | |
| Interest paid monthly on the last day of the month to another Cumberland Account or bank account | |||
| Tax Status | Interest is paid net of basic rate tax. If you are eligible you may register to receive interest paid gross | ||
| Conditions for bonus payment | No bonus payment applies to this account | ||
| Withdrawal arrangements | Withdrawals or closures during the fixed term of the investment are not permitted. Withdrawals may be made without penalty on the date of maturity of the two year investment term. Withdrawals not permitted by direct debit, standing order, regular internal transfer or faster payments. | ||
| Access | Local branch Telephone:0845 601 8396 (transfer between own Cumberland accounts) |
||
Both account options
- minimum balance £2,000
- pay into the account at any time during the investment term (additional investments will ‘mature’ two years from the date the account was opened and not from the date of additional investment)
- shortly before the end of the fixed term we will contact you with the options you have on maturity, one of which may be to extend your investment for a further fixed term
To arrange an appointment to discuss opening the right account for you, simply contact us using any of the methods set out on the left of this page
- gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law
- annual equivalent rate (AER) illustrates what the interest rate would be if interest was paid and added each year
- 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)
More info
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