eSavings Account

An exclusive online savings account available to business Internet Banking customers
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First class service which exceeds your expectations

Here 7 days a week. Until 8pm on weekdays.
Local customer service team
A first-class, personal & friendly service
Conveniently located town centre branches
Range of accounts with competitive interest rates
Long term benefits of mutuality

ACCOUNT DETAILS

One account per business (not available to schools)

Withdrawals
Instant withdrawals
By Internet Banking transfer to your business current account
Deposits
Instant deposits
By Internet Banking transfer from your business current account
Balance Limits
Minimum and maximum balances
Minimum balance of £1. Maximum balance of £250,000

Key Product Information Summary Box

ACCOUNT NAME ESAVINGS ACCOUNT ISSUE 2
Minimum balance What is the interest rate? (Variable gross interest1/AER2)

£100,000 - £250,000

0.75%

£10,000 - £99,999

0.50%

£1 - £9,999

0.25%

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.

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.

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 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 online

Can I withdraw money?

Yes. Instant access withdrawal via online transfer to your Cumberland business current account.

Withdrawals are not permitted by direct debit, standing order, regular internal transfer of faster payments.

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

MANAGING YOUR SAVINGS

A personal, friendly service and convenience at your fingertips

Internet Banking
On computer, tablet and smartphone
View your balances and transfer money in and out of your account. Safely and securely

How to open

You require a business current account to open an eSavings account. Once open, you can apply for an eSavings account through 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.

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