Savings FAQs

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


  • What is our operating area?

    Our operating area is:

    • Cumbria (all CA and LA postcodes)
    • South-West Scotland (all DG postcodes and TD9)
    • West Northumberland (NE45-49)
    • North Lancashire (all PR, FY, LA AND BB1-2 and BB5-7)
  • How do I open an account with The Cumberland?

    Book an appointment with one of our friendly advisors. Our advisors will discuss your options with you and open your brand-new account.

  • What happens during an appointment?

    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.

Savings FAQs

  • How do I open an eSavings account?

    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.

  • How do I open a Regular Saver account?

    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.


  • What is an ISA?

    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.

  • What is an ISA allowance?

    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.

  • Can I switch my ISA to the Cumberland?

    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

  • Can I withdraw money from my 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.

  • Can anyone else pay into my ISA?

    No only the account holder can make payment of any kind into a cash ISA, which can only be held in a sole name.

  • What is an ISA Wrapper?

    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.

  • How are ISA savings accounts different from non-ISA savings accounts?

    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.

  • How do I re-subscribe to my ISA?

    To re-subscribe to your ISA and make new payments into your account download the form and return a signed copy to us.

    Click here to download the form.

Notice Accounts FAQ

  • Can I access my money in an emergency?

    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.

Regular Saver & First Home Saver FAQs

Children's Accounts FAQs

  • Are children’s savings accounts tax free?

    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.

  • Are children's savings accounts opened in trust?

    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.

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.

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