Instant Access Savings Accounts

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INSTANT ACCESS AT A GLANCE

0.50%
Instant Savings
Tiered-Rate Account

Variable interest rate up to 0.50% Gross interest(1)/AER(2)
1.25%
eSavings
Cumberland Plus and Freedom Apprentice current account holders only

Variable interest rate of 1.25% Gross interest(1)/AER(2)

Next Steps

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Summary Box

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

£25,000

0.50%

£5,000

0.45%

£100

0.20%

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 £100.20.

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 £5,022.50.

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 £25,125.

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:

  • Visiting any Cumberland branch;

  • Calling our Customer Service Team on 01228 403141.

  • Using the Cumberland Internet Banking service or the Cumberland Mobile Banking App.

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

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

£1

1.25%

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 £1,012.50.

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 or Freedom Apprentice current account customers only who live in our operating area.

The account can be opened at any Cumberland branch or online.

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 by using the Cumberland Internet Banking service or the Cumberland Mobile Banking App.

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

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 your 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)

MANAGING YOUR SAVINGS

Internet Banking
On computer, tablet and smartphone
View your balances and transfer money between your accounts, safely and securely. Current account required.
Mobile Banking App
Available on iPhone and Android phones
Use our mobile banking app to manage your money wherever you are. Current account required.
In Branch
34 branches in our region
Pop into your nearest branch where our friendly and helpful staff are on hand to assist you 6 days a week.
FSCS Logo (Small) FSCS Logo (Large)

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.

Please click here for further information or visit www.fscs.org.uk.