Business Savings Accounts

Our savings accounts provide different features and interest rates depending on how much you wish to invest and the type of access you need.
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Instant Access Savings

0.75%
Instant Access
Withdraw up to £500 each day in cash and up to £99,999.99 by crossed cheque

Variable interest rate up to 0.75% Gross interest(1)/AER(2)
1.25%
eSavings
An exclusive online savings account available to business Internet Banking customers

Variable interest rate up to 1.25% Gross interest(1)/AER(2)

Notice & Term Accounts

0.95%
40 Day Notice
40 days notice is required to withdraw money without loss of interest

Variable interest rate up to 0.95% Gross interest(1)/AER(2)
1.30%
2 Year Fixed Rate
Fixed Interest until 20 October 2020, paid on September 2020

Fixed interest rate up to 1.30% Gross interest(1)/AER(2)

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Summary Box

Minimum balance What is the interest rate? (Variable gross interest1/AER2)

£100

0.75%

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.

Examples of when changes may happen include a change in the Bank of England base rate, or market condition changes such as, general interest rates changes on similar accounts offered by other savings account providers.

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 deposit?

If £100 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 £100.75.

What would the estimated balance be after 12 months based on a £100,000 deposit?

If £100,000 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 £100,750.

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:

  • Visiting any Cumberland branch;

  • Calling our Customer Service Team on 01228 403141.

  • Using the Cumberland Internet Banking service or the Cumberland Mobile Banking App.

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

1.25%

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.

Examples of when changes may happen include a change in the Bank of England base rate, or market condition changes such as, general interest rates changes on similar accounts offered by other savings account providers.

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 deposit?

If £1 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 £1.01.

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 £10,125.

What would the estimated balance be after 12 months based on a £100,000 deposit?

If £100,000 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 £101.250.

These figures are for illustrative purposes only.
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 £250,000.

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

0.95%

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.

Examples of when changes may happen include a change in the Bank of England base rate, or market condition changes such as, general interest rates changes on similar accounts offered by other savings account providers.

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 £10,095.

What would the estimated balance be after 12 months based on a £50,000 deposit?

If £50,000 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 £50,475.

What would the estimated balance be after 12 months based on a £100,000 deposit?

If £100,000 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 £101,950.

What would the estimated balance be after 12 months based on a £250,000 deposit?

If £250,000 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 £252,375.

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 £10,000.

A minimum balance of £10,000 must be maintained in the account. If the account balance falls below this at any time, interest will be paid at 0.20%.

Maximum account balance of £1,000,000.

You can manage your account by:

  • Visiting any Cumberland branch;

  • Calling our Customer Service Team on 01228 403141.

  • Using the Cumberland Internet Banking service or the Cumberland Mobile Banking App.

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

Minimum balance What is the interest rate? (Fixed gross interest1/AER2)

£5,000

1.30%

Interest paid

Fixed interest until 20 October 2020, paid on 30 September 2020. Interest is added to this account on an annual basis r can be transferred to another Cumberland account or 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 £5,000 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 £5,065.

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 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 for a 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 or on 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.

You can manage your account by visiting any Cumberland branch

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.

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

MANAGING YOUR SAVINGS

Internet Banking
On computer, tablet and smartphone
Internet Banking
View your balances and transfer money between your accounts, safely and securely. Current account required.
In Branch
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Our friendly team based in Carlisle are here to take your call and reply to your messages.

FAQs

  • What is your operating area?

    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:

    • Cumbria (all CA and LA postcodes)
    • South-West Scotland (all DG postcodes and TD9)
    • West Northumberland (NE45-49)
    • North Lancashire (all PR, FY, LA AND BB1-2 and BB5-7)
  • What documents do you need to open a business savings account?

    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

    • 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 your 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

    We also need to verify your business identity. Please bring one original document from:

    • Certificate of Incorporation (required for all limited company applications)
    • Business Card or Business Letterhead
    • Business statements from a Bank or Building Society which confirms the business name and address
    • Financial Accounts (signed and dated within the last 12 months)
    • Business Plan (new businesses only)
  • Can you open an eSavings account online?

    Yes, existing business current account customers can apply for an eSavings account via Internet Banking.

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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.