Cumberland Plus Current Account
Account Summary
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Cumberland Plus Current Account
Minimum age
18 You must be 18 years old or older to apply for this account Must be main account
Yes You must confirm that this is going to be the primary account through which you conduct your personal banking Minimum funding requirement
£750 per month You must fund your account with at least £750 per month from an external source. Cash, cheques and transfers from other personal Cumberland accounts will not count towards the minimum funding requirement. Transfers from Cumberland Business accounts will count towards the minimum funding requirement. In the case of joint accounts, one such source of income is acceptable. Charge if funding requirement is not met
£2 per month 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. The charge will not be applied if the average balance of your account during a calendar month is £1,000 or above and your account has remained in credit. Current Account Switch Guarantee
Yes You can switch your account to us in 7 Days by our team based in Carlisle. Standing Orders & Direct Debits
Yes A standing order is a way we can make regular transfers, on your instruction, of a fixed amount of money from your account to another account. You can set a payment to be taken at a certain frequency (for example, the 1st of each month) for a set amount of time, such as six months. Your payments will consist of money set at an amount chosen by you.
A Direct Debit is where you permit someone else (recipient) to instruct us to transfer money from your account to that recipient. We then transfer money to the recipient on a date or dates agreed by you and the recipient. The amount may vary. If the organisation you are paying wants to change an amount or date of collection, they have to tell you about it first.
Contactless Visa debit card
Yes Payments are simple, quick and secure with a Visa debit card. You can use your card anywhere you see the Visa sign. You can use your debit card to make sterling (£) payments in shops, online or over the phone. Chip and PIN has no limit as long as you have sufficient funds in your account. The limit for contactless is £100 with a physical debit card. Visa Secure and One-Time Passcode protection
Yes The Visa Secure service and One-Time Passcode (OTP) protection provides additional security and helps prevent your Visa debit card against unauthorised use. Cash Withdrawal in pounds (£s) in the UK at Link cash machines
£300 per day You can take cash out of your account in pounds (£s) at a Link and Visa cash machine, bank or Post Office in the UK. Mini statements from Cumberland ATMs
Yes You can print mini-statements at any Cumberland ATM. Cash withdrawal at Cumberland branches
£500 per day You can take cash out of your account in pounds at any Cumberland cash machine. Cash withdrawal and debit card payment in foreign currency outside the UK
Free Unlike most banks, we won't charge you for making Cumberland Visa debit card payments in a foreign currency, or for cash withdrawal in foreign currency outside the UK. The provider of an cash machine or retailer may apply a charge. Cheque book
Free (on request) You can request a cheque book Statements
Free You will receive monthly statements for your account Use of all Cumberland branches
Yes All 34 Cumberland branches Internet banking
Yes Our full range of internet banking services are available on computers, tablets and smartphones. Mobile banking App
Yes Available for iPhone and Android phones Text alerts
Yes You can choose to receive alerts to your mobile phone by text message when your balance falls below a value of your choice. Also, for security, when your Internet Banking Access Code has been changed and access suspended. Pay2Mobile (Mobile Payments)
Yes Send & receive money using a mobile number with Pay2Mobile. It is part of Paym, which connects over 40m current accounts and mobile numbers in the UK. Useful when cash isn’t to hand and sharing account details is a hassle. Customer Service Helpline
Yes Here for you 7 days a week, our friendly team based in Carlisle are here to take your call and reply to your messages Overdraft facility available
Yes (on request - subject to status) An overdraft can be useful for short term borrowing, for example to cover your expenses until pay day. The advantage of an overdraft is it is flexible and you can dip into it at any point over the agreement period. Credit interest paid into your account
No, credit interest rate is not paid on positive balances on this account. The credit interest rate is the interest rate you would receive on your account balance and paid into your account should credit interest be paid on this account. 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. Annual Equivalent Rate (AER) illustrates what the interest rate would be if interest was paid and added each year. Arranged overdraft interest rate
14.99% EAR* (variable) Representative example: If you use an arranged overdraft of £250 the interest we will charge you is 14.99% EAR* variable. Unarranged overdraft interest rate
14.99% EAR* (variable) No Credit interest rate paid on positive balances correct at 01/02/2022.
* Effective Annual Rate (EAR) is the actual annual rate of an arranged overdraft. It does not take into account other fees and charges.
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eSavings Account
Minimum balance What is the interest rate? (Variable Gross Interest1/AER2) £1
0.60%
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 £1,000 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 £1,006.
This figure is for illustrative purposes only. How do I open and manage my account? This account is available to open for internet enabled, Cumberland Plus and Freedom Apprentice current account customers only who live in our operating area.
The account can be opened at any Cumberland branch or online.
The account must have a minimum opening balance of £1.
Only one sole account or one joint account per customer.
The account has a maximum balance of £25,000 for a sole account and £50,000 for a joint account.
There are several ways you can open and manage your account.
You can book a telephone appointment with one of our friendly advisors who can take you through the application process or help you with your account at any time.
Visit any of our Cumberland branches for support in person. To book an appointment with one of our branches click here.
If you are already a Cumberland customer with an internet enabled current account, you can manage your account online.
Once you are an account holder, our Customer Service Team are also available to help you on 01228 403 141.
Can I withdraw money? Yes. Instant access withdrawals via online transfer to your Cumberland 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 Plus or Freedom Apprentice current account, your eSavings account will, in the absence of any alternative instructions be closed.
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
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.