40 Day Notice Account

For businesses
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ACCOUNT DETAILS

One account per business

Withdrawals
By crossed cheque, account transfer, cash, BACS or CHAPS (subject to limits)
40 days notice of withdrawal is required. Without notice, withdrawals are subject to loss of 40 days interest on the amount withdrawn
Deposits
By crossed cheque, account transfer, cash, BACS or CHAPS (subject to limits)
You can deposit funds into the account at any time
Balance Limits
Minimum and maximum balances
Minimum balance of £10,000. Maximum balance of £1m
Where Are You?
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 (NE46-49)
- North Lancashire (all PR, FY, LA AND BB1-2 and BB5-7)

Key Product Information Summary Box

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ACCOUNT NAME 40 DAY NOTICE ACCOUNT (ISSUE 4)
Minimum balance What is the interest rate? (Variable gross interest1/AER2)

£250,000 - £1,000,000

0.70%

£100,000 - £249,999

0.60%

£50,000 - £99,999

0.50%

£10,000 - £49,999

0.25%

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 £10,025.

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 £50,250.

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 £100,600.

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 £251,750.

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 £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:

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

MANAGING YOUR SAVINGS

A personal, friendly service and convenience at your fingertips

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Internet Banking
On computer, tablet and smartphone
View your balances and transfer money between your accounts via secure message. Safely and securely. Current account required
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In Branch
34 branches in our operating area
Find A Branch
A friendly local branch team are nearby to help you 6 days a week
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Local Customer Service Team
Here for you 7 days a week
About The Team
Our friendly team based in Carlisle are here to take your call and reply to your messages

How to open an account

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 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)
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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.

Further information is available here or visit www.fscs.org.uk.