Following guidance from the Financial Conduct Authority and in order to support our customers during the current Coronavirus (COVID-19) pandemic, we temporarily reduced personal current account overdraft rates to 0% from 9 April 2020 to 31 October 2020. Overdrafts rates have now reverted to previous rates, which are shown in the table below.
We can continue to offer you support if you are financially affected by Covid-19. Call us on 01228 403141 or visit our financial difficulties page for more information.
|Account Type||Arranged Overdraft Rate||Unarranged Overdraft Rate|
|Current Account Plus||13.54%||13.54%|
|All other Personal Current Accounts||14.99%||14.99%|
Our Overdraft Cost Calculator allows you to easily calculate the cost of using an overdraft on your personal current account. Simply select your account below to get started:
Our Overdraft Calculator can’t be used for business, school, club and charity current accounts.
If you’re unsure what type of personal current account you have, you can check this by looking at your monthly statement, logging on to Internet Banking or our Mobile Banking app.
The results are for illustrative purposes only and assume you use one fixed amount of overdraft for all the days you're overdrawn. In practice, the amount by which you are overdrawn may fluctuate daily and so the real cost of your overdraft will depend on how you use it.
An overdraft is a borrowing facility provided for a personal current account that is a regulated credit agreement. Overdrafts are primarily intended for short term borrowing and aren’t generally suitable for longer term borrowing.
If you have had a current account with us for at least 6 months and are aged 18 years or over, you can apply (dependent on the type of account you have) for an overdraft. Before doing so we’ll assess your ability to repay the overdraft which will include considering information from credit reference agencies plus at least one of the following:
If you have held a Cumberland current account for six months, the type of account you have offers arranged overdraft facilities, and you would like to apply for a new overdraft or increase your existing one, please fill in, print and sign the form below and email a scanned copy of it to email@example.com.
If you’re unable to complete your application online, please call us on 01228 403141 and we’ll post an application form to you.
Please note, you can’t apply for a new or increased overdraft facility via our branches.
If you are experiencing financial difficulties, it’s important that you consider whether an overdraft is the most suitable type of assistance for you.
Please view our Financial Difficulties page for full details of how you can help yourself and what types of debt help and money guidance are available, including the availability of free and impartial debt advice and contact details for not-for-profit debt advice bodies.
We provide and you agree in advance that you may borrow money to use when there is no money left in your account. The agreement sets a maximum amount that can be borrowed, and whether you’ll have to pay and we will charge any interest to your account when you borrow from us using your arranged overdraft.
You borrow money when there is no money left in your account (or when you have gone past your arranged overdraft limit) and this hasn’t been agreed with us in advance. You’ll have to pay and we will charge interest to your account when you do this.
Details of the charges that are applicable for your current account can be found at cumberland.co.uk/current-accounts/fee-information.
The risk of using an unarranged overdraft facility is that it may be difficult for you to obtain credit in a situation where you may need it very quickly for a short period of time. You may choose to move money around to cover small periods where you don’t have sufficient funds, e.g. moving money from savings to a current account to cover expenditure immediately before payday, whereas if you use an arranged overdraft this would allow you a short term credit facility.
We may not pay a cheque or other debit transaction if it would result in your account going overdrawn or exceeding an agreed overdraft limit.
When there are insufficient funds to enable payments to be made out of your account or if making a payment would take your account in excess of an agreed overdraft limit, we may at our sole discretion decide whether or not to agree to process the payment transaction. We may make a charge for considering whether or not to process the payment and for processing or returning the payment.
Information regarding the status of your account is passed to credit reference agencies. If your account is in an unarranged overdrawn position, this may affect your credit rating and you ability to obtain a loan or credit facility.
You can contact us at any time to discuss the reduction or removal of your overdraft facility. Details of when we are available can be found at cumberland.co.uk/opening-times.
Customer service helpline – 01228 403141
Based in our Carlisle head office, our customer service team are here to help and answer any questions 7 days a week.
At any branch - Find your local branch
We've 34 branches, so when you're out and about, friendly local branch teams are nearby to help you 6 days a week.
There will be times when your balance exceeds your agreed overdraft or you have requested that your overdraft is removed, however there are sums outstanding under that agreement; on these occasions we retain the right to refuse such a request.
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.