Instant access account
Variable interest rate up to 2.90% Gross interest(1)/AER(2)
Important Information: New customers must live within our operating area to open a Savings account.
Instant Access Savings Accounts
Get instant access to your money whenever you need it. A great way to save money for spontaneous treats or regular expenditure. We have a variety of accounts from traditional branch-based products to accounts that you can manage online.
What is an easy or instant access savings account?
An easy access savings account, also known as a instant access savings account, allows the account holder to earn interest on your savings, but whilst still being able to withdraw whenever you want.
Usually, interest rates are lower than those that you would see if you opted for a fixed rate account, where you can access your money less frequently, or may be charged to.
Compare easy access savings accounts
2.90%
Cumberland Instant Access
3.10%
Cumberland eSaver
Cumberland Plus and Freedom Apprentice current account holders only
Variable interest rate of 3.10% Gross interest(1)/AER(2)
Summary
| Account Name | Cumberland Instant Access |
| What is the interest rate? | 2.90% Variable Gross Interest*/AER† Interest is calculated daily, and is paid gross (without deduction of tax) annually on 31st 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 £1,029.00. This figure is for illustrative purposes only. |
| How do I open and manage my account? | This account is available to open at any Cumberland branch, or on internet banking for customers that hold an internet enabled current account. New customers must live within our operating area.
A minimum balance of £1 must be maintained in the account. If the account balance falls below this at any time, the account may be closed. You can manage your account by:
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| 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 £1 being maintained. Withdrawals not permitted by direct debit, standing order, faster payments, or regular internal transfer. |
Additional Information | No bonus payment applies to this account. For full details of our Variable Rate products please refer to our separate leaflet. Download leaflet |
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
| Account Name | Cumberland eSaver |
| What is the interest rate? | 3.10% Variable Gross Interest*/AER† Interest is calculated on a daily basis, and is paid gross (without deduction of tax) annually on 31st March into your associated Cumberland Plus or Freedom Apprentice current account. |
| 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 £1,031.00. 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 and Freedom Apprentice current account customers. The account can be opened at any Cumberland branch or on internet banking.
Only one sole account or one joint account per customer. The minimum balance must be maintained in the account. If the account balance falls below this at any time, the account may be closed. 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 are 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 and Freedom Apprentice current account your eSavings account will, in the absence of any alternative instructions, be closed. No bonus payment applies to this account. For full details of our Variable Rate products please refer to our separate leaflet. Download leaflet |
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
Help and advice
From managing your Savings Account online to our FAQs, we are here to help you.
Our Savings Hub
We’ve packed plenty of hints and tips, explanations and motivational advice all into one convenient space. From explaining the different types of accounts to helping you form good saving habits, we’re here to support you every step of the way.
Are you worried about your money?
Rising costs impact everyone in a different way. From increases in your energy bills to dipping into your savings more often, we are here to help. Our Money Worries Hub contains lots of useful information on savings, mortgages, debts and much more.
Internet Banking
View your balances and transfer money between your accounts, safely and securely. Current account required.
Mobile Banking App
Use our mobile banking app to manage your money wherever you are. Current account required.
Savings FAQs
If you have any questions about your Cumberland Savings account, we hope to answer them all below.