We have two account options depending on your type of business and daily transactions. Use our banking calculator to work out which account option would be best for your business and how much money you could save by switching your account to us:
Minimum age |
18 |
Must be main business current account |
Yes |
Current Account Switch Service |
Yes |
Standing Orders & Direct Debits |
Yes1 |
Contactless Visa debit card |
Yes. You can use your debit card to make a payment in pounds. This can be in a shop, online or over the phone. |
Verified by Visa and One Time Passcode protection |
Yes |
Cash Withdrawal in pounds in the UK at Link cash machines |
£300 per day2 |
Mini statements from Cumberland cash machines |
Yes |
Cash withdrawal at Cumberland branches |
£500 per day3 |
Cash withdrawal and debit card payment in foreign currency outside the UK |
Free4 |
Cheque book |
Free (on request) |
Statements |
Free |
Use of all Cumberland branches |
Yes |
Online banking |
Yes |
Text alerts |
Yes |
Pay2Mobile (Mobile Payments) |
Yes (receive only) |
Customer Service Helpline |
Yes |
Overdraft facility available |
Yes, an arranged overdraft is available on request, subject to status |
Arranged overdraft interest rate |
3.04% per quarter (12.73% p.a. variable EAR)5 |
Unarranged overdraft interest rate |
5.659% per quarter (24.63% p.a. variable EAR)5 |
Interest rates correct at 11/08/14. Charges are correct as at 01/10/15
(1) A standing order is a way we can make regular transfers, on your instruction, of a fixed amount of money from your account to another account. A Direct Debit is where you permit someone else (recipient) to instruct us to transfer money from your account to that recipient. We then transfer money to the recipient on a date or dates agreed by you and the recipient. The amount may vary.
(2) You can take cash out of your account in pounds at a Link and Visa cash machine, bank or Post Office in the UK.
(3) You can take cash out of your account in pounds at any Cumberland cash machine.
(4) Unlike most banks, we won't charge you for making Cumberland Visa debit card payments in a foreign currency, or for cash withdrawal in foreign currency outside the UK (with most Cumberland current accounts). The provider of a cash machine or retailer may apply a charge.
(5) EAR – Effective Annual Rate.
We welcome new applications from new and existing customers who live within our branch operating area, however, we do not accept new accounts from new customers who live outside our branch operating area.
Some restrictions may also apply to new accounts available to existing customers who live outside our branch operating area. Contact us for more information.
Our operating area is:
The Fee Information Documents provide details of the fees for using the main services linked to our business current accounts (known as payment accounts).
We have designed the Current Account Switch Service to let you switch your current account from one bank or building society to another in a simple, reliable and stress-free way. It will only take seven working days.
As your new current-account provider we offer the following guarantee:
You can read more about the Current Account Switch Service at www.currentaccountswitch.co.uk.
Available to cheque book and academy status schools within our operating area. All standard business transactions are free of charge.
Contact us for more information: Tel 01228 403 141 or book an appointment online.
Our eSavings account is an exclusive online savings account available to business Internet Banking customers. The account offers instant access via internet and mobile banking and pays a higher rate of interest than our Instant Savings account.
Your eligible deposits with Cumberland Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered.
Please click here for further information or visit www.fscs.org.uk.