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)

Savings FAQs

  • Can anyone 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. Some restrictions may also apply to new accounts available to existing customers who live outside our branch operating area.


  • What is an ISA?

    An ISA is the abbreviation for Individual Savings Account that enables you to save or invest money without paying tax on the interest or on the investment returns you receive.

  • What is the ISA allowance?

    Each tax year, which starts on 6 April, you get a new ISA allowance. For the current tax year, the ISA allowance is £20,000.

    If you have a Help to Buy: ISA, monthly limits apply – so the maximum you can save in each tax year is less than the standard ISA allowance. You can deposit £200 each month, plus an additional £1,000 in the first month.

    The annual allowance for the Junior ISA is £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.

    Withdrawals are also allowed at any time from our Help to Buy: ISA account, but you will not be able to claim the government bonus on any funds you withdraw. No withdrawals are permitted from the Junior ISA.

  • 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.

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 will lose the equivalent of 40 days’ interest on the amount taken out.

Regular Savings and First Time Home Saver FAQs

  • What if I decide not to buy a house or not take out a mortgage with the Cumberland?

    You will not get the £250 bonus cashback, which is only payable if you take out a Cumberland mortgage. You will still receive interest provided you meet all the rest of the terms & conditions. However we offer a Regular Savings account for those who want to save monthly but not with the express purpose of home purchase.

  • Do you offer a joint savings account?

    Our Regular Savings 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.

  • Can I withdraw money from a Regular Saver account?

    Yes but only 1 penalty free withdrawal is permitted per subscription year, otherwise any more withdrawals will trigger the reduction of the interest rate applied over the year.

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

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 seeking 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.

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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.

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