Key Product Information Summary Box
| Account Name | Regular Saver Account (Issue 2) | |
|---|---|---|
| Interest rates (AER) | variable gross interest1 / AER2 | net interest3 |
| 2.60% | 2.08% | |
| Interest paid yearly on the anniversary of the account opening date | ||
| 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 | 1 withdrawal during each subscription year without penalty. 11 out of 12 monthly payments must be made each subscription year. If these conditions are not met the interest rate over the year will be reduced by 2.50%. 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) |
|
£135 saved per month leads to £22.90 interest at the anniversary of the first deposit. If more than one withdrawal is made during the subscription year or less than 11 out of 12 monthly payments are made during the subscription year, £135 saved per month leads to £0.88 interest at the anniversary of the first deposit.**
- available to those with a personal Cumberland current account
- minimum balance £25
- maximum balance £15,000
- offering a special interest rate as long as you save anything from £25 to £250 every month
- can only be opened as a share account
- 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)
**Based on monthly deposits of £135 at the start of each month commencing 1st January, and interest paid at the anniversary of the first deposit. The interest paid assumes interest rates remain at 2.60% gross during the 12 month period with a 2.50% reduction in the rate payable if more than one withdrawal is made during the subscription year or less than 11 out of 12 monthly payments are made during the subscription year.
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