Instant Access Savings Accounts

Accounts which give you immediate access to your money
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INSTANT ACCESS ACCOUNT OPTIONS

Instant Savings
A straight-forward, instant access account
Instant Savings
Variable interest rate up to 0.35% Gross interest(1)/AER(2)

This is a simple traditional savings account which offers instant access via our branches
eSavings
An online account for current account holders
eSavings
Variable interest rate of 1.00% Gross interest(1)/AER(2)

The account offers instant access via Internet Banking and app. An exclusive savings account for internet enabled Cumberland Plus current account holders

Account Details

KEY PRODUCT INFORMATION SUMMARY BOX

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

£25,000

0.35%

£10,000

0.25%

£5,000

0.20%

£100

0.10%

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.

Examples of when changes may happen include a change in the Bank of England base rate, or market condition changes such as, general interest rates changes on similar accounts offered by other savings account providers.

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 £100 deposit?

If £100 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 £100.10

What would the estimated balance be after 12 months based on a £5,000 deposit?

If £5,000 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 £5,010.

What would the estimated balance be after 12 months based on a £10,000 deposit?

If £10,000 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 £10,025.

What would the estimated balance be after 12 months based on a £25,000 deposit?

If £25,000 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 £25,087.50.

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 who live in our operating area.

The account must have a minimum opening balance of £100.

A minimum balance of £100 must be maintained in the account. If the account balance falls below this at any time, the account will be closed.

You can manage your account by:

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 £100 being maintained.

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

Additional Information

No bonus payment applies to this account.

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

KEY PRODUCT INFORMATION SUMMARY BOX

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

£1

1.00%

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.

Examples of when changes may happen include a change in the Bank of England base rate, or market condition changes such as, general interest rates changes on similar accounts offered by other savings account providers.

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 £1,010.

This figure is for illustrative purposes only.

How do I open and manage my account?

This account is available to open for internet enabled, Cumberland Plus current account customers only who live in our operating area.

The account can be opened at any Cumberland branch.

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

Only one sole account or one joint account per customer.

The account has a maximum balance of £25,000 for a sole account and £50,000 for a joint account.

You can manage your account online:

Can I withdraw money?

Yes. Instant access withdrawals via online transfer to your Cumberland current account.

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

Additional Information

If you close or de-register your internet banking Cumberland Plus current account, your eSavings account will, in the absence of any alternative instructions be closed.

No bonus payment applies to this account.

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

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First class service which exceeds your expectations

Here 7 days a week. Until 8pm on weekdays.
Local customer service team
A first-class, personal & friendly service
Conveniently located town centre branches
Range of accounts with competitive interest rates
Long term benefits of mutuality

MANAGING YOUR SAVINGS

A personal, friendly service and convenience at your fingertips

Internet Banking Image
Internet Banking
On computer, tablet and smartphone
Internet Banking
View your balances and transfer money between your accounts via secure message. Safely and securely. Current account required
Mobile Banking App Image
Mobile Banking App
Available on iPhone and Android phones
Mobile Banking App
View the balances of your accounts, without even logging on should you wish. Safely and securely. Current account required
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In Branch
34 branches in our region on hand to help
Find A Branch
When you're out and about, a friendly local branch team are nearby to help you 6 days a week

Where Are You?

We welcome new applications from new and existing customers who live within our branch 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.

Our operating area is:

  • Cumbria (all CA and LA postcodes)
  • South-West Scotland (all DG postcodes and TD9)
  • West Northumberland (NE46-49)
  • North Lancashire (all PR, FY, LA AND BB1-2 and BB5-7)

How to open an account

You need to arrange an appointment at your local branch (Monday to Saturday). Alternatively, call into your local branch and speak to one of our team.

Unless you have an account with us already, we will need you to provide proof of your identity and evidence of your address. Please bring one original document of each. Acceptable documents include:

Proof of identity
  • Current valid signed passport
  • Current UK photocard driving licence
  • Firearms certificate or shotgun licence
  • A blue disabled drivers pass
  • An EU photocard driving licence
Evidence of your address
  • Recent utility bill dated within the last six months (mobile phone bills cannot be accepted though)
  • A council tax bill valid for the current year
  • Bank, building society or credit union statement dated within the last six months

If you open an account as a trustee, we will need proof of identity and evidence of address for both you and the account holder. If you do not have any of the above, please contact us before you visit.

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FSCS Logo (Small) FSCS Logo (Large)

Your eligible deposits with Cumberland Building Society are protected up to a total of £75,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered.

Further information is available here or visit www.fscs.org.uk.