Instant Cash ISA
Easy access, tax-free saving
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*Minimum age for Cash ISA is 16 years. Pay in up to £20,000 each tax year. Assumes this Cash ISA is the only ISA you pay into during the tax year. 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, including interest balance would be £1,010.00. * 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). † AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year. Instant Cash ISA is covered by the Deposit Guarantee Scheme.

ISA OPTIONS

Instant Cash ISA (Issue 12) Image
Instant Cash ISA (Issue 12)
Flexibility to make lump sum or regular payments
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Variable interest rate up to 1.00% Tax Free(1)/AER(2)

Pay into your account at any time

Withdrawals without penalty

Transfer funds into other types of Cash ISA

Full terms below
Help to Buy: ISA (Issue 3) Image
Help to Buy: ISA (Issue 3)
Ideal if you’re saving for your first home
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Variable interest rate up to 2.60% Tax Free(1)/AER(2)

A 25% bonus on your final balance

Open with an initial deposit of up to £1,200

Save up to £200 per calendar month, with a maximum £12,000 balance

Full details below

ISAs: Key info

Choosing An ISA
Invest up to £20,000 in this tax year
Please remember that once you invest in a Cash ISA, your ISA investment options will be restricted for the remainder of the tax year

By opening a Cash ISA you may not invest in another Cash ISA in the same tax year (the period from 6 April to 5 April the following year)
Switching Your ISA
If you thinking of transferring your ISA to us
We will normally accept the transfer of a Cash ISA from another ISA provider, to a Cash ISA with the Cumberland, subject to ISA regulations
Who can apply?
We welcome new applications from new and existing customers
Applicants must live within our branch operating area. Some restrictions may also apply to new accounts available to existing customers who live outside our branch operating area. See below for details.

Account Details

KEY PRODUCT INFORMATION 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

Key Product Information Summary Box

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

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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
In 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 £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.