Tax-free ways to save

Take out an ISA (Individual Savings Account) with The Cumberland and make the most of your annual allowance
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ISA OPTIONS AT A GLANCE

1.00%
Cash ISA
Instant access account

Variable interest rate of 1.00% Tax Free(1)/AER(2)
2.60%
Help to Buy: ISA
Plus 25% Government bonus

Variable interest rate of 2.60% Tax Free(1)/AER(2)
2.50%
Cash Junior ISA
Open to customers under 18

Variable interest rate of 2.60% Tax Free(1)/AER(2)

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Looking to buy your first home? Our Help To Buy: ISA is a great way to help you save.

The government will add 25% to your savings, up to a maximum of £3,000 on savings of £12,000.

The Scheme applies to properties in the UK with a purchase price of up to £250,000 outside London and £450,000 within certain London Boroughs as specified in the Help to Buy: ISA Scheme Rules.

Read more about our Help to Buy: ISA

Next Steps

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Summary Box

Minimum balance What is the interest rate? (Tax Free1/AER2)

£1 and above

1.00%

Interest paid

Interest is calculated on a daily basis, and is paid tax free, 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 £1,010.00

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, for customers who live in our operating area.

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

A minimum balance of £1 must be maintained in the account. If the account balance falls below this at any time, the account will be closed.

The account has a maximum balance of £20,000 in the current tax year. Once the account balance has reached this, no further payments can be accepted and the account will continue to earn interest.

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 £1 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.

For full details of our ISAs, including fixed rate products (when available), please refer to our separate leaflet, available from any of our branches.

1. Tax free rate of interest is the rate payable, under current legislation, where interest is exempt from income tax. (Your tax benefits will be lost if your ISA ceases to be tax exempt).

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 Tax Free1/AER2)

£1 and above

2.60%

Interest paid

Interest is calculated on a daily basis, and is paid tax free, 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 £1,026.

This figure is for illustrative purposes only.

How do I open and manage my account?

This account is only available to open for first time buyers, over the age of 16, 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.

A minimum balance of £1 must be maintained in the account. If the account balance falls below this at any time, the account will be closed.

You can deposit £200 each month, plus an additional £1,000 in the first month.

The account has a maximum balance of £12,000 (plus interest earned).

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. Withdrawals are allowed at any time (subject to maintaining a minimum balance of £1) but you will not be able to claim the government Help to Buy: ISA bonus on any fund you withdraw.

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

Additional Information

This account can only be opened as a share account.

We do not offer a bonus, but the government will offer a bonus, equivalent to 25% of the balance on closure if the funds are used to purchase your first property.

The maximum bonus payable is £3,000, and this will only be paid on the purchase of a property in the UK of up to £250,000 outside London or £450,000 inside London.

If you pay into a Help to Buy ISA you cannot pay into another Cash ISA in the same tax year.

For full details of our ISAs, including fixed rate produucts (when available), please refer to our separate leaflet, available from any of our branches.

1. Tax free rate of interest is the rate payable, under current legislation, where interest is exempt from income tax. (Your tax benefits will be lost if your ISA ceases to be tax exempt).

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 Tax Free1/AER2)

£50 and above

2.50%

Interest paid

Interest is calculated on a daily basis, and is paid tax free, 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 £50 deposit?

If £50 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 £51.25.

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 £1,025.

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 under 18 years of age, who live in our operating area, and do not hold a Child Trust Fund. The account can be opened at any Cumberland branch

The account must have a minimum opening balance of £50.

A minimum balance of £50 must be maintained in the account. If the account balance falls below this at any time, the account will be closed.

The account has a maximum balance of £4,260 in the current tax year. Once the account balance has reached this, no further payments can be accepted and the account will continue to earn interest.

You can manage your account by:

Can I withdraw money?

No. Withdrawals are not permitted from this account.

On the account holder’s 18th birthday, the account will be transferred to a Cash ISA with instant access and the holder will be able to make withdrawals.

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

Additional Information

Pay into the account at any time, subject to the Cash Junior ISA limit in the tax year.

All payments to the Cash Junior ISA are a gift to the child, and as such cannot be repaid to the subscriber if at a later date the subscriber changes their mind.

This account can only be opened as a share account.

No bonus payment applies to this account.

For full details of our ISAs, including fixed rate produucts (when available), please refer to our separate leaflet, available from any of our branches.

1. Tax free rate of interest is the rate payable, under current legislation, where interest is exempt from income tax. (Your tax benefits will be lost if your ISA ceases to be tax exempt).

2. Annual equivalent rate (AER) illustrates what the interest rate would be if interest was paid and added each year

FAQs

  • What is an ISA?

    An ISA is an 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 tax year 2018/19, 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 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 £4,260.

  • 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.

  • Can I withdraw money from my ISA?

    Our Cash ISA is an instant access account and you can withdraw money. 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 payments of any kind into a cash ISA.

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.
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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.

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