Freedom is a new current account that gives you the features you'd expect from a bank account, including a contactless Visa debit card, internet and mobile banking app, text alerts, as well as some added extras for apprentices.
What are the main features of the Freedom Apprentice Account?
Why do I need the Freedom Apprentice Account and how is it different from the other options?
It's quick and easy to get started with a Freedom Apprentice Account from The Cumberland
|Age||The account is available to apprentices living in our operating area aged 16-23.|
|Applications||Applications can be made online or in person at any of our 34 branches. The account can be opened in sole name only.|
|Mobile Banking App||Available for iPhone and Android phones. Quickly view balances (without logging on), transactions, make transfers and payments.|
|Internet banking||Our full range of internet banking services are available on computers, tablets and smartphones. Internet banking is a requirement for this account.|
|Contactless Visa debit card||You can use your card anywhere you see the Visa sign and make a payment in pounds. This can be in a shop, online or over the phone. (1)|
|Apple Pay, Google Pay, Paym||Use Apple Pay/Google Pay to pay in shops, apps or online or Paym to transfer or receive money using just a mobile phone number.|
|Text alerts||Set up an alert 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.|
|Access to a preferential savings rate||The Freedom Apprentice Account provides access to the Society’s eSavings account which pays a higher variable rate of interest than our Instant Savings account. eSavings can be operated via our mobile and internet banking services.|
|Cash Withdrawal in pounds in the UK at Link cash machines||You can take cash out of your account in pounds at a Link and Visa cash machine, bank or Post Office in the UK.|
|Cash withdrawal at Cumberland branches||You can withdraw up to £500 cash at any of the Cumberland’s 34 branches.|
|Current Account Switch Service||You can switch your account to us in 7 Days by our team based in Carlisle, guaranteed.|
|Standing Orders & Direct Debits||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.|
|Web Chat/ Facebook Messenger service||If you need help, advice or have a banking question, you shouldn’t have to do the hard work to find the answer-use our dedicated Freedom Apprentice Web Chat or Facebook Messenger services.|
|Customer Service Helpline||Our friendly Carlisle-based team are here to take your call, 7 days-a-week.|
|Use of all Cumberland branches||All 34 Cumberland branches are open 6 days-a-week.|
|Verified by Visa and One-Time Passcode protection||The Verified by Visa (VbV) service and One Time Passcode (OTP) protection provides additional security and helps prevent your Visa debit card against unauthorised use.|
|Credit Interest||There is no credit interest currently paid on this account.|
|Overdraft||There is no overdraft facility available on this account.|
(1) Chip and PIN has no limit as long as you have sufficient funds in your account. The limit for contactless is £30 with a physical debit card.
(2) A fee of 2.5% of the transaction amount will be charged for debit card payments in a foreign currency and cash withdrawal in a foreign currency outside the UK. The provider of an ATM or retailer may also apply a charge.
|Minimum balance||What is the interest rate? (Variable Gross Interest1/AER2)|
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 £1,010.00.
|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.
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 withdrawals via online transfer to your Cumberland current account.
Withdrawals not permitted by direct debit, standing order, regular internal transfer or faster payments.
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
Our operating area is Cumbria (all CA and LA postcodes), South-West Scotland (all DG postcodes and TD9), West Northumberland (NE45-49) and North Lancashire (all PR, FY, LA AND BB1-3 and BB5-7).
Find your nearest branch.
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
If you are aged under 18, this can be in your own name or in the name of a parent or guardian that lives at the same address.
Evidence of your address
If you are aged under 18, this can be in your own name or in the name of a parent or guardian that lives at the same address.
Proof of Apprenticeship
You must provide us with a letter from an employer/apprenticeship training provider confirming acceptance on an apprenticeship or a copy of an apprenticeship agreement
The Cumberland eSavings account is an online account available to Freedom Apprentice account holders.
It has a variable interest rate of 1.25% Gross interest(1)/AER(2)
The account offers instant access via Internet Banking and our mobile app.
Switching your current account from one bank or building society to another is simple, reliable and stress-free way. It will only take seven working days. As your new current-account provider we offer the following guarantee:
With the Freedom Apprentice Account, you can use our debit card, Apple Pay and Google Pay to make cash withdrawals in foreign currency outside the UK or debit card payments in a foreign currency.
MOBILE BANKING APP
View your account balance, make and receive payments, and more, with the latest Cumberland mobile banking app. Here's all of the app features.
CLICK HERE to download the app for Apple iOS devices.
CLICK HERE to download the app for Android devices.
A contactless Visa debit card, Apply Pay and Google Pay.
FACEBOOK MESSENGER AND WEBCHAT SUPPORT
Our digital team are available online to answer any questions or queries you have.
Pay2Mobile is part of Paym, a payments service which allows Cumberland current account customers to send and receive money simply and securely using just a person’s mobile phone number.
This is a really handy feature of our app, useful for collecting football subs or making quick payments.
Find out more about apprenticeships and read our finance guide
If you use a Cumberland current account to make payments when:
The table below gives some examples of our charges for making payments from your account when you haven’t enough money.
We developed these examples with the relevant regulatory bodies and leading consumer groups to help you to think about how changing the way you use your account can affect the amount we may charge you.
These examples are meant to show how different actions can result in different charges.
They are only examples so you shouldn’t see them as actions you might take and charges you might have to pay.*
We may not allow you to use your account in the ways shown below. You should avoid going overdrawn wherever possible and you should contact us if you need help to manage your account.
We could add other charges and interest to your account if you try to make payments when you do not have enough money. Click here for details of all the charges and interest rates for these accounts.
Choose an example below which shows how you might manage your current account. If you have recent bank statements, use these to help you choose. Once you have worked out reasons why you might be charged, it could help you to avoid charges in future.
|Reasons that you might be charged|
|1||We refuse a payment from your account because there is not enough money in your account||£10|
|2||A payment from your account takes you into an unarranged overdraft by less than £10. You are overdrawn for one day during the month||£0|
|3||A payment from your account takes you into an unarranged overdraft and you make another payment from the account while you are overdrawn. You are overdrawn for two days in a row during the month||£20|
|4||A payment from your account takes you into an unarranged overdraft, and you make nine more payments from the account while you are overdrawn. You are overdrawn for 10 days in a row during the month||£50|
|5||A payment from your account takes you into an unarranged overdraft. You are overdrawn for one day. However, on three more occasions during the month, a payment takes you into an unarranged overdraft. On each of these occasions you are overdrawn for three days in a row||£50|
|6||A payment from your account takes you into an unarranged overdraft. You are overdrawn for 21 days in a row during the month and you make 12 more payments from the account while you are overdrawn||£90|
* Example (3) assumes that both payments made result in your balance being more than £15 into an unarranged overdraft. The total charge may therefore be lower than that shown in the table.
* Examples (4) and (6) assume that each payment is processed on a different day. A maximum of two charges per day will be made in respect of these items and the total charge may therefore be lower than that shown in the table.All of the above examples only apply to personal current accounts.
|Transferring Euros to another European country (transfer should arrive the next bank working day)||£12|
|Transferring in currencies other than Euros and/or to non European countries (transfer should arrive within a maximum of 5 working days)||£20|
The recipient of the funds will also be subject to a charge. We regret we cannot confirm in advance the amount of any such charge.
If an investigation is required into an overseas transfer, for example, if there is a delay in the funds being received by the beneficiary, if the funds are returned, or if further information is required to place the funds, a £25 charge is payable.
Accepting foreign denomination cheques and sterling cheques drawn on a foreign bank account
Charges are payable for these services and are made both by our bankers and the bank on which the cheque is drawn (the drawing banker). We cannot confirm in advance the rate of exchange which will apply or the amount of the charges, but for guidance they could be as high as £60. All charges will be deducted from the amount converted and the net amount will be credited to your account. Please allow at least eight weeks for these cheques to be paid by the drawing banker. The rate of exchange which will apply will be the rate applicable on the date the cheque is paid by the drawing banker. We will normally not accept such cheques for amounts less than £100.
You can use your Cumberland Visa Debit Card to pay for goods and services, or to withdraw cash at a cash machine, wherever you see the Visa sign. When you use your Cumberland Visa Debit Card to carry out a transaction in a currency other than sterling, unless you are offered and accept a currency conversion rate at the time, transactions will be converted into sterling at the exchange rate on the date they are received by Visa in the UK. To get an idea of the exchange rate that would be used, you can view the Visa wholesale rate of exchange here.
This rate is indicative only, because such transactions are processed and converted when the retailer sends them to Visa. This is not always on the same day as the transaction itself.
If your 16-digit Visa Debit Card number starts with 4658 5520 or 490971, we will not charge you to use your card for transactions in a foreign currency. However, if your 16-digit Visa Debit Card number starts 4658 5550 or 475148, or you have a Freedom Apprentice Account we will make a charge of 2.5% of the transaction amount. In addition, the retailer or cash machine provider may apply a charge, regardless of your account type.
There may be other fees and charges (not listed below), which are made by us for providing additional services and we'll let you know about these when you ask for these services.
Other taxes or costs may exist that are not paid through us or imposed by us. Fees, charges and overdraft interest rates may vary from time to time. Unless otherwise stated, all charges for services are payable when the service, or processing of a payment, is requested.
|Unpaid Item Charge||£10|
|Applied when we consider and return a request to process a payment because you do not have sufficient available funds in your account. For cheques this is when they are presented for payment (typically before 9am), and for Direct Debits and standing orders, by 3.30pm on the day they are due to be paid.Applies to all accounts which can process cheques/Direct Debits/standing orders.|
|Daily Unarranged Overdraft Charge||£5|
|If the debit balance on your account exceeds £15 or exceeds your arranged overdraft limit by more than £15 at close of business on a bank working day, a daily £5 fee will be incurred. This fee will continue to be incurred on each subsequent bank working day until the balance of your account is brought back into credit or within the arranged overdraft limit. Applies to Personal Current and Non-Personal Non-Business accounts.|
These charges will be debited on the last bank working day (ie excluding Saturdays, Sundays and Bank Holidays) of the calendar month following the month in which the charge is incurred. Eg a charge incurred in June would be debited on the last bank working day of July.
We won't charge you more than 2 unpaid item charges per day or charge more than £90 (in unpaid item charges and overdraft management charge per month).
Each chequebook issued. Applies to Cumberland Day2Day, Money Management, Freedom Apprentice and 24/7 accounts.
|£5||This charge will be debited on or around the time of the request.|
|Counter Cheque Charge
Each Counter Cheque requested, either at a branch or by contacting our Head Office. Applies to Cumberland Plus, Freedom Apprentice, Offset, Standard Current, Reward, Plus, Cumberland Day2day, Money Management, Cashcard and 24/7.
|£1.50||This charge will be debited on or around the time of the request.|
These charges also apply to some of our closed issue accounts. Please contact us to find out more information.
|Cancelling a cheque||£5|
|Replacement for a lost card and personal identification number (PIN)||£7.50|
|Replacement for a card or personal identification number (PIN)||£5|
|Duplicate statements of account transactions||£2 per statement|
|Processing same day CHAPS payments to other UK banks or building societies||£25|
|Commission charge on sale of sterling travellers cheques||1.5%|
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.