Important Information: New customers must live within our operating area to open a Savings account.

Children's Savings Accounts

Whether it’s saving up pocket money for a rainy day or saving for your child’s future – we offer a variety of children’s savings accounts to help you with their savings goals.
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Discuss your preferred options with one of our friendly advisors.
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4.15%
Young Savers Account

Whether you’d like to save up pocket money for a rainy day or save for the future, our instant access Young Savers account can help you do both.

This account is available to open for children up to the age of 16.

Variable interest rate of 4.15% Gross interest(1)/AER(2)

4.35%
Cash Junior ISA

A longer term, tax-free savings account for children up to the age of 18.

A great way to save for your child’s future.

Variable interest rate of 4.35% Tax Free(1)/AER(2)

4.15%
Young Cumberland Blues

Support Carlisle United and save at the same time.

Carlisle United benefit from an annual donation from The Cumberland equivalent to 1% of the total average balance of all Cumberland Blues savings accounts during the year.

Variable interest rate of 4.15% Gross interest(1)/AER(2)

Summary

Minimum balance What is the interest rate? (Variable Gross Interest1/AER2)

£1 and above

4.15%

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.

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 £1,041.50.

This figure is for illustrative purposes only.

How do I open and manage my account?

This account is available to open at any Cumberland branch,for customers up to the age of 16. New customers must live within our operating area.

The account must have a minimum opening balance of £1.

A minimum balance of £1 must be maintained in the account. If the account balance falls below this at any time, the account may be closed.

Maximum account balance of £5,000 (plus interest earned).

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. This is an Instant Access account, and you can withdraw up to £500 each day in cash and up to £99,999.99 by crossed cheque (cheques for larger amounts are normally available the following day), subject to the minimum operating balance of £1 being maintained.

Withdrawals not permitted by direct debit, standing order, regular internal transfer or faster payments.

Additional Information

The account is restricted to two per young person and can only be opened as a share account.

Accounts opened for young savers up to 7 years will be opened in trust and must be operated by a responsible adult such as a parent/guardian or grandparent. Accounts opened for young savers aged 7 or over may be opened in the young person’s own name or in trust.

We reserve the right to check with a parent/grandparent or guardian that a large cash withdrawal is genuinely required.

Standing orders, direct debits, regular internal transfers and faster payments cannot be paid from this account

No bonus payment applies to this account.

For full details of our Variable Rate products please refer to our separate leaflet. Download leaflet

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

Minimum balance What is the interest rate? (Variable Tax Free1/AER2)

£50 and above

4.35%

Interest paid

Interest is calculated on a daily basis, and is paid tax free, 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.

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 £1,043.50.

These figures are for illustrative purposes only.

How do I open and manage my account?

This account is available to open at any Cumberland branch, for customers under 18 years of age who do not hold a Child Trust Fund. The account can be opened at any Cumberland branch. Only parents or guardians with parental responsibility can open the account on behalf of the child. New customers must live within our operating area.

The account must have a minimum opening balance of £50.

A minimum balance of £50 must be maintained in the account. If the account balance falls below this at any time, the account may be closed.

Under current HM Revenue rules, an account holder may subscribe a maximum of £9000 in each tax year. The allowance starts again in each new tax year. Under ISA rules withdrawals are not permitted via any channel.

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?

No. Withdrawals are not permitted from this account. The only exception to this is if the child becomes terminally ill or dies.

On the account holder’s 18th birthday, the account will be transferred to a Cash ISA with instant access and the holder will be able to make withdrawals.

Withdrawals not permitted by direct debit, standing order, regular internal transfer or faster payments.

Additional Information

Pay into the account at any time, subject to the Cash Junior ISA limit in the tax year.

All payments to the Cash Junior ISA are a gift to the child, and as such cannot be repaid to the subscriber if at a later date the subscriber changes their mind.

This account can only be opened as a share account.

No bonus payment applies to this account.

For full details of our Variable Rate products please refer to our separate leaflet. Download leaflet

1. Tax free rate of interest is the rate payable, under current legislation, where interest is exempt from income tax. (Your tax benefits will be lost if your ISA ceases to be tax exempt).

2. Annual equivalent rate (AER) illustrates what the interest rate would be if interest was paid and added each year

Minimum balance What is the interest rate? (Variable Interest Rate Gross Interest1/AER2)

£1 and above

4.15%

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.

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 £1,041.50.

These figures are for illustrative purposes only.

How do I open and manage my account?

This account is available to open at any Cumberland branch, for customers up to the age of 16. New customers living outside of our operating area must produce a Carlisle United season ticket or a Carlisle United Supporters Club membership

The account must have a minimum opening balance of £10.

A minimum balance of £10 must be maintained in the account. If the account balance falls below this at any time, the account may be closed.

Maximum account balance of £5,000 (plus interest earned).

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. Up to 6 instant access penalty free withdrawals each calendar year.

If more than 6 withdrawals are made in a calendar year the account will be transferred to either an existing or new Instant Savings account.

Withdrawals not permitted by direct debit, standing order, regular internal transfer or faster payments.

Additional Information

The account is restricted to one per person.

It can only be opened as a share account to individuals who are investing their money on their own behalf or on behalf of another person (i.e. a parent/guardian or on behalf of a child).

Accounts opened for young savers up to 7 years will be opened in trust and must be operated by a responsible adult such as a parent/guardian or grandparent. Accounts opened for young savers aged 7 or over may be opened in the young person’s own name or in trust.

We reserve the right to check with a parent/grandparent or guardian that a large cash withdrawal is genuinely required.

Standing orders, direct debits, regular internal transfers and faster payments cannot be paid from this account

We will make an annual donation to Carlisle United Football Club, equivalent to 1% of the total balances held in the account. To obtain entry to Carlisle United’s regular free prize draw for Young Cumberland Blues Savers you should tick the appropriate box on the application form.

No bonus payment applies to this account.

For full details of our Variable Rate products please refer to our separate leaflet. Download leaflet

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

Open an account

Choose your preferred option then open your Savings Account using the method that suits you.

Book Appointment
Savings FAQs

If you have any questions about your Cumberland Savings account, we hope to answer them all below.

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