Minimum balance | What is the interest rate? (Variable gross interest1/AER2) |
£100 |
0.40% |
Interest paid | Interest is calculated on a daily basis, and is paid gross (without deduction of tax) annually on 31 March. |
Can Cumberland Building Society change the interest rate? | Yes. The rate of interest paid on money in your account is variable and may be changed by us. Where we do so, we will give you reasonable notice in advance of the change. For further details, please read clause 8.7-8.9 in our Savings & Current Account Terms & Conditions leaflet. |
What would the estimated balance be after 12 months based on a £1,000 deposit? | If £1,000 was deposited in the account on opening on 1 April, assuming no further deposits or withdrawals are made, on 31 March the account balance, including interest would be £1,004. |
These figures are for illustrative purposes only. | |
How do I open and manage my account? | This account is available to open at any Cumberland branch, for customers who live in our operating area. The account must have a minimum opening balance of £100. A minimum balance of £100 must be maintained in the account. If the account balance falls below this at any time, the account will be closed. You can manage your account by:
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Can I withdraw money? | Yes. This is an instant access account, and you can withdraw up to £500 each day in cash and up to £99,999.99 by crossed cheque (cheques for larger amounts are normally available the following day), subject to the minimum operating balance of £100 being maintained. Withdrawals not permitted by direct debit, standing order, regular internal transfer or faster payments. |
Additional Information | No bonus payment applies to this account |
1. 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.
2. Annual equivalent rate (AER) illustrates what the interest rate would be if interest was paid and added each year
Minimum balance | What is the interest rate? (Variable gross interest1/AER2) |
£1 |
0.60% |
Interest paid | Interest is calculated on a daily basis, and is paid gross (without deduction of tax) annually on 31 March to your Cumberland Business current account. |
Can Cumberland Building Society change the interest rate? | Yes. The rate of interest paid on money in your account is variable and may be changed by us. Where we do so, we will give you reasonable notice in advance of the change. For further details, please read clause 8.7-8.9 in our Savings & Current Account Terms & Conditions leaflet. |
What would the estimated balance be after 12 months based on a £1,000 deposit? | If £1,000 was deposited in the account on opening on 1 April, assuming no further deposits or withdrawals are made, on 31 March the account balance, including interest would be £1,006. |
These figures are for illustrative purposes only. |
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How do I open and manage my account? | This account is available to open for internet enabled Cumberland business current account customers who live in our operating area. The account can be opened at any Cumberland branch. The account must have a minimum opening balance of £1. Maximum account balance of £1,000,000. You can manage your account by using the Cumberland Internet Banking service or the Cumberland Mobile Banking App. |
Can I withdraw money? | Yes. Instant access withdrawal via online transfer to your Cumberland business current account. Withdrawals not permitted by direct debit, standing order, regular internal transfer or faster payments. |
Additional Information | If you close or de-register your internet banking Cumberland business current account your eSavings business account will, in the absence of alternative instruction be closed. This account is not available to schools. No bonus payment applies to this account |
1. 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.
2. Annual equivalent rate (AER) illustrates what the interest rate would be if interest was paid and added each year
Minimum balance | What is the interest rate? (Variable gross interest1/AER2) |
£10,000 |
0.50% |
Interest paid | Interest is calculated on a daily basis, and is paid gross (without deduction of tax) annually on 31 March. |
Can Cumberland Building Society change the interest rate? | Yes. The rate of interest paid on money in your account is variable and may be changed by us. Where we do so, we will give you reasonable notice in advance of the change. For further details, please read clause 8.7-8.9 in our Savings & Current Account Terms & Conditions leaflet. |
What would the estimated balance be after 12 months based on a £10,000 deposit? | If £10,000 was deposited in the account on opening on 1 April, assuming no further deposits or withdrawals are made, on 31 March the account balance, including interest would be £10,050.00. |
These figures are for illustrative purposes only. |
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How do I open and manage my account? | This account is available to open at any Cumberland branch, for customers who live in our operating area. The account must have a minimum opening balance of £10,000. Maximum account balance of £1,000,000. You can manage your account by:
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Can I withdraw money? | Yes. 40 days notice is required, or on demand, subject to 40 days loss of interest on the amount withdrawn. Withdrawals and deposits by crossed cheque, account transfer, cash or CHAPS (CHAPS subject to limit/charge). Withdrawals are not permited by direct debit, standing order, regular internal transfer or faster payments. |
Additional Information | Only one account is allowed per business. This account is not available to schools. No bonus payment applies to this account. |
1. 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.
2. Annual equivalent rate (AER) illustrates what the interest rate would be if interest was paid and added each year
We welcome new applications from new and existing customers who live within our branch operating area.
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.
Our operating area is:
Unless you have an account with us already, we will need you to provide proof of your identity and evidence of your address. Please bring one original document of each. Acceptable documents include:
Proof of identity
We also need to verify your business identity. Please bring one original document from:
Yes, existing business current account customers can apply for an eSavings account via Internet Banking.
Your eligible deposits held by a UK establishment of Cumberland Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee 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.