Free Banking for Schools
Why bank with the Cumberland?
At your fingertips
Making your life that little bit easier
Fee Information (Charges)
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View details
Charges applicable for day-to-day transactions are detailed below. For additional details of fee information (charges) which may apply in certain circumstances, please click here.
Credits to an account
Charge Automated credits* (eg. Bacs) free Cheque credits1 free Cash & transfer credits free Cash paid in free payments from an account
Charge Cash debits free Cash withdrawn free Cheques issued from book free Online payments free Direct Debits free Standing orders free Visa Debit card free ATM withdrawals free Debit card & ATM use overseas2 free Cheques issued in branch free Manual transfers free Automated transfers free Monthly fee free credit interest
Charges Variable gross interest3/AER4 0.25% debit interest
Charges Standard authorised overdraft interest rate 3.04% per quarter (12.73% p.a. variable EAR)5 Unauthorised overdraft interest rate 5.659% per quarter (24.63% p.a. variable EAR)5 Interest rates correct at 17/11/16. Charges are correct as at 01/10/15
- Maximum 5 cheques allowed per credit
- 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.
- 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.
- Annual Equivalent Rate (AER) illustrates what the interest rate would be if interest was paid and added each year.
- 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.
Current Account Switch Guarantee
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:
- The service is free to use and you can choose and agree your switch date with us.
- We will take care of moving all your payments going out (for example, your Direct Debits and standing orders) and those coming in (for example, your salary).
- If you have money in your old account, we will transfer it to your new account on your switch date.
- We will arrange for payments accidentally made to your old account to be automatically redirected to your new account. We will also contact the sender and give them your new account details.
- If there are any issues in making the switch, we will contact you before your switch date.
If anything goes wrong with the switch, as soon as we are told, we will refund any interest (paid or lost) and charges made on either your old or new current accounts as a result of this failure.
More Information
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Who can apply
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)
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Withdrawal limits
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.
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Overdrafts
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.
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Opening an account
For all enquiries about opening an account please contact us on 01228 403141.
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Full account details
Minimum age
18 Must be main business current account
Yes Current Account Switch Service
Yes Standing Orders & Direct Debits
Yes Contactless Visa debit card
Yes Verified by Visa and One Time Passcode protection
Yes Withdraw cash at Link ATMs across the UK
£300 per day Mini statements from Cumberland ATMs
Yes Withdraw cash at Cumberland branches
£500 per day Foreign currency transaction charge
Free1 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 (on request - subject to status) Authorised overdraft interest rate
3.04% per quarter (12.73% p.a. variable EAR)2 Unauthorised overdraft interest rate
5.659% per quarter (24.63% p.a. variable EAR)2 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.
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.