||What is the interest rate? (Variable Tax Free1/AER2)
£50 and above
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.
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 £1,043.50.
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 under 18 years of age and do not hold a Child Trust Fund. The account can be opened at any Cumberland branch. New customers must live within our operating area.
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 may be closed.
You can pay in £9,000 each tax year, once this limit has been reached, no further payments can be accepted but the account will continue to earn interest.
There are several ways you can open and manage your account.
You can book a telephone appointment with one of our friendly advisors who can take you through the application process or help you with your account at any time.
Visit any of our Cumberland branches for support in person. To book an appointment with one of our branches click here.
If you are already a Cumberland customer with an internet enabled current account, you can manage your account online.
Once you are an account holder, our Customer Service Team are also available to help you on 01228 403 141.
|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.
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