Our first home saver account makes saving for your first home more rewarding. It has been especially designed for first time buyers to help you save a deposit for your first home.
Offering a special interest rate to first time buyers as long as you save anything from £100 to £1,500 every calendar month and you open or have a Cumberland current account.
Key Product Information Summary Box
| Account Name | First Home Saver Account | ||
|---|---|---|---|
| Interest rates (AER) | variable gross interest1 / AER2 | net interest3 | |
| 2.75% | 2.20% | ||
| Interest paid yearly on 31st March | |||
| 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 | £250 cashback paid if you take out a Cumberland Building Society mortgage. To qualify for the £250 cashback, the account must have been open for at least 6 months and have been funded with at least £100 per calendar month | ||
| Withdrawal arrangements | 90 days notice or on demand subject to 90 days loss of interest on the amount withdrawn. Instant access withdrawal if withdrawing funds to pay for a deposit on a property with a Cumberland Building Society mortgage. At this point the account is closed and the remaining balance transferred to an alternative savings account or withdrawn. 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) |
||
- available to those with a personal Cumberland current account
- minimum age is 16
- available to those who have not held a mortgage previously (either with the Society or another lender)
- minimum balance £100
- pay in anything between £100 and £1,500 per calendar month
- £250 cashback paid if you take out a Cumberland mortgage*
£250 saved per month for 12 months leads to £44.37 gross interest**
* you must hold the account for a minimum of 6 months (funded by at least £100 per calendar month) to qualify for the £250 cashback. Only one cashback of £250 will be paid per mortgage application.
** based on monthly deposits of £250 at the start of each month commencing on 1st April, and interest paid the following 31st March. The interest paid assumes rates remain at 2.75% gross during the 12 month period.
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
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