Our operating area is:
Book an appointment with one of our friendly advisors. Our advisors will discuss your options with you and open your brand-new account.
Your advisor will discuss your account requirements with you and ensure you fully understand the terms and conditions of any account you wish to open. If you wish to go ahead, your advisor will inform you of the next steps and arrange to open your brand-new account for you.
When opening an account with us, we are required by law to verify your identity. We will do this by completing an Electronic ID search (EID) if you are aged 18 or over.
If EID is unsuccessful, or the results are not sufficient to pass the ID check, we will ask you to provide two forms of identification as an alternative. For customers under the age of 18, two forms of identification will always be required as it is not possible to complete an EID search on customers below the age of 18.
If you are asked to bring physical copies of identification, please bring along two documents (one from each list below).
Note: The same document cannot be used for both Proof of Identity and Proof of 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.
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 (Freedom Apprenticeship Account Only)
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
Our eSavings account is only available to internet enabled Cumberland Plus or Freedom Apprentice current account customers who live in our operating area.
We do not accept new accounts from new customers who live outside our branch operating area.
To open a Regular Saver account, you must hold an internet-enabled Cumberland Plus current account.
We do not accept new applications from new customers who live outside our branch operating area.
An ISA (Individual Savings Account) is an account which enables you to save or invest money without paying tax on the interest or investment returns you receive.
Tax treatment depends on individual circumstances of each customer and may be subject to change in the future.
An ISA allowance is the maximum amount that can be saved and invested during a tax year. This allowance refreshes each year, allowing you to save or invest further funds into an ISA account.
For the current tax year, the ISA allowance is £20,000.
For Junior ISAs, the allowance is currently £9,000.
Yes. We will normally accept the transfer of a Cash ISA from another ISA provider, subject to ISA regulations. We recommend you check with your existing provider whether their account has any restrictions on withdrawals to make transfers.
Please visit our Savings Hub to read our handy guide n transferring an ISA.
Our Cash ISA is an instant access account, this means you can withdraw money if you need to. Any withdrawals you may make from our ISAs are not added back to your annual allowance meaning if you withdraw money after using your full annual ISA allowance, you will not be able to add more money to your ISA account for the rest of the tax year.
No withdrawals are permitted from the Junior ISA.
Partial withdrawals are not permitted on fixed rate ISA accounts, but you can close the account at any time subject to an interest penalty on the closing balance.
No only the account holder can make payment of any kind into a cash ISA, which can only be held in a sole name.
This is a term for any savings or investment product that is designated as an ISA and therefore means any interest you earn on your ISA will not be taxed.
There is no real difference between the two except for the tax treatment. You won’t pay or be liable for any tax on interest earned in an ISA but you may owe tax on non-ISA interest. Some banks and building societies offer the same product and interest rates regardless of whether they are an ISA or not whereas others may have different rates or specific accounts.
The Notice Account is designed for those who do not need instant access to their savings. However, if unforeseen circumstances arise you can make withdrawals without notice but there will be a notice penalty applied to the amount withdrawn. Notice penalties vary by account type.
Our Regular Saver and First Home Saver accounts can be opened in single or joint names, subject to each customer having a sole or joint Cumberland current account.
Yes, but only one penalty free withdrawal is permitted per subscription year. Further withdrawals will result in an interest rate reduction for the current subscription year.
Withdrawals are not permitted by direct debit, standing order, regular internal transfer or faster payments.
You will not get the First Home Saver £250 bonus cashback, which is only payable if you take out a Cumberland mortgage. You will still receive interest on the account providing you meet the remaining terms & conditions. However, we do offer a Regular Savings account for those who wish to save monthly, but are not saving to buy a home.
Accounts opened for young savers up to 7 years of age 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 name or in trust.
Children’s Accounts, excluding Cash Junior ISAs, are not tax free. If a parent gifts money to a child, and it produces more than £100 gross interest in a tax year, the income may be taxable depending on the parent’s personal circumstances.
Otherwise gifts aside, as most children do not pay income tax, the issue of paying tax on savings interest is largely irrelevant. However in the rare event of a child having sufficient income potentially they could be liable to pay tax on their savings but this is a complex area and we advise you seek specialist tax advice if you are unsure about your child’s tax status.