Changes to Savings Accounts

Customer notice

From 1 September 2020 we will be reducing a number of our current issue variable savings rates. Click here for all the details (PDF).

FAQs

  • Why are you making these changes?

    As a savings provider, we are constantly checking our product terms and savings rates, and sometimes we have to make interest rate changes or changes to terms to reflect market conditions and balance the needs of all our savings and borrowing members.

  • Will my account number(s) change?

    No. Your existing account number(s) will stay the same.

  • Do I have to do anything as a result of these changes?

    No. You can continue to use your account(s) as you do now. If we don’t hear from you before 30 September 2020, we’ll take this to mean you accept these changes.

  • I have a fixed rate savings product, will my rate change?

    No. You will be unaffected by the change if you have a fixed rate savings product. The interest rate will remain the same on your fixed product until it reaches the end of its term. We will write to you around that time to discuss your options.

  • Can I close my existing account(s)?

    Yes (subject to the terms and conditions of the account) or for ISA’s, you can transfer to a different provider. Further details of how to do this can be found at cumberland.co.uk. Accounts can be closed without charge before 30 September 2020, after this date standard closure conditions will apply.

FSCS Logo (Small) FSCS Logo (Large)

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.

Please click here for further information or visit www.fscs.org.uk.