Withdraw up to £500 each day in cash and up to £99,999.99 by crossed cheque
Variable interest rate up to 2.45% Gross interest(1)/AER(2)
Fixed Interest Fixed Term Account
4.30% Fixed Gross interest(1)/AER(2) until 19 December 2024
An exclusive online savings account available to Business Internet Banking customers
Variable interest rate up to 2.65% Gross interest(1)/AER(2)
40 days notice is required to withdraw money without loss of interest
Variable interest rate up to 2.95% Gross interest(1)/AER(2)
| Minimum balance | What is the interest rate? (Variable gross interest1/AER2) |
£100 |
2.45% |
| 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 £1,024.50 |
| These figures are for illustrative purposes only. | |
| Who can apply | We welcome new applications from existing customers who live within our branch operating area. Some restrictions may apply to new accounts available to existing customers who live outside our branch operating area. Contact us for more information. Our operating area is:
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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) |
£10,000 |
4.30% |
| Interest paid | Fixed interest until 19 December 2024. Interest paid annually on 30 November. Interest is added to the account on an annual basis or can be transferred to another Cumberland account or a different bank or building society account. |
| Can Cumberland Building Society change the interest rate? | No - The rate of interest paid on money in your account is fixed and cannot be changed by us during the term of the products. 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? | If £10,000 was deposited in the account on opening, assuming no further deposits or withdrawals are made, on 19 December 2024 the account balance, including interest, would be £10,430.00. |
These figures are for illustrative purposes only. |
|
| Who can apply | This account is available to open if you are within our operating area, please contact our team on 01228 403320 (9am to 5pm) or 01228 403141 (out of business hours) who will be able to help. The maximum balance is £1,000,000. Your Fixed Interest Fixed Term Account will mature at the end of the agreed investment term. Shortly before the end of the fixed investment term we'll contact you with details of the options you can take on maturity, one of which may be to extend your investment fora further fixed term. You'll be able to withdraw your investment or transfer to an alternative account without penalty on the maturity date, provided you tell us on or before this date. If we receive no instructions on or before the maturity date, and a further Fixed Interest Fixed Term Account is available, your investment will be automatically rolled over into such an account on the terms and conditions applying to that account, a copy of which will be supplied before the maturity of your existing account. It's therefore important that you let us have your instructions, on or before the maturity date. No bonus payment applies to this account You can manage your account by:
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| Can I withdraw money? | No - it's not possible to withdraw from, transfer or close the account before the maturity date of the Fixed Interest Fixed Term Account. Penalty free withdrawal on maturity date. |
| Additional Information | |
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 |
2.65% |
| 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 £1,026.50 |
These figures are for illustrative purposes only. |
|
| Who can apply | We welcome new applications from existing customers who live within our branch operating area. Some restrictions may apply to new accounts available to existing customers who live outside our branch operating area. Contact us for more information. Our operating area is:
|
| 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 |
2.95% |
| 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 £10,295. |
These figures are for illustrative purposes only. |
|
| Who can apply | We welcome new applications from existing customers who live within our branch operating area. Some restrictions may apply to new accounts available to existing customers who live outside our branch operating area. Contact us for more information. Our operating area is:
|
| 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 existing customers who live within our branch operating area. Some restrictions may apply to new accounts available to existing customers who live outside our branch operating area.
Our operating area is:
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.