Banking with the Freedom Apprentice Account is simple and easy, because it offers all of the digital tools you need as well dedicated human support. Why do I need the Freedom Apprentice Account and how is it different from the other options?
|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 (£s). 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, be alerted 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 foreign currency outside the UK and debit card payments in a foreign currency||Free (2)|
|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 Guarantee||You can switch your account to us in 7 Days by our team based in Carlisle.|
|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|
|Visa Secure and One-Time Passcode protection||The Visa Secure 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.|
Unarranged overdraft interest rate
|14.99% EAR* (variable)|
Credit interest rates correct at 01/02/21.
(1) 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.
(2) The Cumberland does not charge you to use your Cumberland card abroad but the provider of a cash machine or a retailer may apply a charge.
* Effective Annual Rate (EAR) is the actual annual rate of an arranged overdraft. It does not take into account other fees and charges.
|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 £1,006.
|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.
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
Find out more about apprenticeships and read our finance guide
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.