Free Banking for Schools

Interest rates correct at 17/11/16. Charges are correct as at 01/10/15

1. Maximum 5 cheques allowed per credit
2. The Cumberland does not charge you to use your Cumberland card overseas or pass on any fees levied by Visa but the provider of an ATM or retailer may apply a charge.
3. Gross interest is the contractual rate of interest payable (without deduction of tax) and you will be responsible for paying any tax you owe on interest as per your individual personal savings allowance.
4. Annual Equivalent Rate (AER) illustrates what the interest rate would be if interest was paid and added each year.
5. EAR - Effective Annual Rate.

Charges are calculated quarterly at the end of March, June, September and December and are deducted from accounts on or around the 26th day of the following month.

We welcome new applications from cheque book and academy status schools i.e. schools which control their own finances, within our branch operating area.

Our operating area is:

• Cumbria (all CA and LA postcodes)
• South-West Scotland (all DG postcodes and TD9)
• West Northumberland (NE46-49)
• North Lancashire (all PR, FY, LA AND BB1-2 and BB5-7)

You can withdraw up to £300 cash per day at Link ATMs across the UK. If you come into branch you can withdraw up to £500 cash per day.

An overdraft can be useful for short term borrowing, for example to cover your expenses until income is received. The advantage of an overdraft is it is flexible and you can dip into it at any point over the agreement period.

Overdrafts are available upon request, subject to status.

You need to arrange an appointment at your local branch (Monday to Saturday). Alternatively, call into your local branch and speak to one of our team.

Unless a signatory already has an account with us already, we will need to be provided with proof of identity and evidence of address. We will require one original document of each for each signatory. Acceptable documents include:

Proof of signatories identity

• Current valid signed passport
• Current UK photocard driving licence
• Firearms certificate or shotgun licence
• A blue disabled drivers pass
• An EU photocard driving licence

Evidence of signatories address

• Recent utility bill dated within the last six months (mobile phone bills cannot be accepted though)
• A council tax bill valid for the current year
• Bank, building society or credit union statement dated within the last six months

Please also bring the following original documents:

• One full months Bank Statements (most recent) which confirms the schools name and address
• Minutes of a Governors meeting confirming that an account is to be opened with Cumberland Building Society and specifying who the designated signatories are to be and how many will be required to sign. The extract should be signed by the Chairman of Governors or Clerk to the Governors as a true copy
• If the school is a limited company we would also require Financial Accounts (signed and dated within the last 12 months) and a Certificate of Incorporation

Interest rates correct at 11/08/14. Charges are correct as at 01/10/15

(1) The Cumberland does not charge you to use your Cumberland card but the provider of an ATM or retailer may apply a charge.

(2) EAR – Effective Annual Rate.