Credit interest rates effective from 08/11/11.

1. Applications from 13-15 year olds must be approved by a parent/guardian.
2. Minimum funding requirement. You must fund your account with at least £200 per month from an external source. This requirement does not apply to customers under 24 years of age.
3. In the case of joint accounts, the minimum funding requirement will apply once the oldest account holder reaches 24.
4. If you do not meet the minimum funding requirement in a calendar month, a charge of £2 will be applied to the account in the following month. The charge will be applied for every calendar month that the minimum funding requirement is not met. Further details of this charge can be found in the ‘Account Funding’ section of this leaflet on page 14.
5. The Cumberland does not charge you to use your Cumberland card but the provider of a cash machine or a retailer may apply a charge.
6. In the case of joint accounts, all account holders must be over 18 for a cheque book to be issued. The £5 charge for a cheque book will not apply if the account holder also holds a current account which requires funding of £750 or more per month.
7. Internet Banking is a requirement for all new accounts where all applicants are under 24.
8. Gross rate 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.
9. Annual Equivalent Rate (AER) illustrates what the interest rate would be if interest was paid and added each year.