ISA

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ISA OPTIONS

Instant Cash ISA (Issue 11)
Flexibility to make lump sum or regular payments
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Variable interest rate up to 0.75% Tax Free(1)/AER(2)

Pay into your account at any time, as long as this is the only ISA you are paying into during the current tax year, which ends on 5 April, subject to total maximum deposits of £15,240 in this tax year

Withdrawals without penalty, up to £500 in cash each day, or up to the total balance in your account by crossed cheque

You may transfer funds from an Instant Cash ISA to another type of Cash ISA e.g. Fixed Interest Fixed Term Cash ISA, provided only one ISA is subscribed to during the current tax year

Available if you are 16 years of age or over
Fixed Interest Fixed Term Cash ISA (Issue KR)
Save for a fixed period of time to earn an interest rate guaranteed to remain fixed
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Fixed interest rate of 0.75% Tax Free(1)/AER(2) until 20 February 2018, paid on 31 January 2018. Interest added to the account annually or paid to another Cumberland account or bank account.

An investment term of approximately one year

The minimum subscription limit for this account is £1,000

Additional subscriptions can be made (up to the maximum limit of £15,240) during the tax year or until such time as a specific ISA issue is closed to subscriptions

You may transfer funds from another cash ISA e.g. an Instant Cash ISA to a Fixed Interest Fixed Term Cash ISA, provided only one cash ISA is subscribed to during the current tax year

Available if you are 16 years of age or over
Help to Buy: ISA (Issue 2)
If you’re saving for your first home, our Help to Buy: ISA could make a big difference
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Variable interest rate up to 2.75%% Tax Free(1)/AER(2)

In addition to an extremely competitive interest rate, the government will pay a 25% bonus on your final balance when you buy your first home

You can open a Help to Buy: ISA, subject to eligibility, with an initial deposit of up to £1,200

You can then save up to £200 per calendar month subject to the account’s maximum balance of £12,000. As a Help to Buy: ISA is a Cash ISA, you cannot pay into another cash ISA in the same tax year
Choosing An ISA
Invest up to £15,240 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

0.75%

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 £1007.50

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 £15,240 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?

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? (Fixed Tax Free Interest1/AER2)

£1,000 and above

0.75%

Interest paid

Fixed Interest until 20 February 2018, paid on 31 January 2018. Interest added to the account on an annual basis can be transferred to another Cumberland account or a different bank or building society account.

Can Cumberland Building Society change the interest rate

No. The rate of interest paid on money in your account cannot be changed by us during the term of the products.

For further details, please see clause 8.7-8.9 in our Savings & Current Account Terms and Conditions Leaflet.

What would the estimated balance be after 12 months?

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 £1,007.50.

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.

Additional subscriptions can be made (up to the maximum limit of £15,240) during the tax year or until such time as a specific ISA issue is closed to subscriptions. At any point and without notice the Society may close a specific ISA issue to a new subscription, after which no further subscriptions would be allowed.

No bonus payment applies to this account.

You can manage your account by visiting any Cumberland branch.

Can I withdraw money?

No - Partial withdrawals are not permitted during the fixed interest term. Closures and closure transfers to another ISA provider will be subject to 90 days loss of interest.

Additional Information

All interest rates are correct as at 6 January 2017.

All interest rates shown can be withdrawn at the Society’s discretion and without prior notice.

The accounts shown will only be available for a short period of time, after which no further deposits may be made or new accounts opened.

The accounts may be withdrawn by us without notice and may be replaced by similar accounts paying different rates of interest.

This should be read in conjunction with the following leaflets Savings Accounts & Interest Rates; ISAs; Savings and Current Account Terms & Conditions

Fixed Interest Fixed Term Accounts are investments with interest rates guaranteed to remain fixed for the term of the investment.

These accounts are not suitable for you if you think that you may need access to your money before the end of the Fixed Interest Fixed Term period.

Before opening an account we believe it is important to establish your requirements, so that we can be sure we are able to offer the services you require and open the most appropriate account for you. To discuss your requirements, simply call at any Cumberland branch where our staff will be pleased to help you.

If you are opening a joint account you should both visit the branch. If you are unable to call into a branch to open an account personally, please contact our Customer Service helpline on 01228 403141.

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. Existing customers should telephone 01228 403141 for further information.

Unless you have an account with us already, we are required by law to ask you to provide identification (such as a passport or full UK photocard driving licence) and proof of where you live (such as a recent original paid gas or electricity bill).

We may also verify your identity and address by making searches about you at credit reference agencies who supply us with information, including information from the Electoral Roll. These steps are necessary to help protect against fraud and money laundering.

We appreciate some customers may not be able to produce the above items of identifi cation. Additional forms of identification and address verifi cation are required from new customers who are unable to visit a branch. Further details of alternative acceptable identifi cation and proof of address can be obtained from our Customer Service helpline on 01228 403141 or any Cumberland branch.

This is a share account and is available to people investing on their own behalf or on behalf of another person, or deposit accounts available to firms of solicitors investing in their name on behalf of clients and people investing as trustees for other groups of people, for example the treasurer and secretary on behalf of a club or society.

A Fixed Interest Fixed Term Cash ISA is only available to individuals and is subject to separate conditions available from any Cumberland branch.

Only share account holders are members of the Society with voting rights

If an account is opened in more than one name, or operated by more than one trustee, only the first named person will be entitled to receive notices and communications from the Society and exercise membership and voting rights (if aged 18 or over).

When opening a joint account, you will be asked to choose whose name appears first on the account.

Cheques credited to Fixed Interest Fixed Term Accounts will earn interest from the second Society working day following the date of deposit. Society working days exclude Sunday and English Bank Holidays. For example, a cheque paid in on a Monday will earn interest from the Wednesday. Special arrangements apply to non-sterling cheques and cheques drawn on institutions outside the UK. Details are included in the Charges for Account Services leafl et available from any Cumberland branch or from our website.

We are covered by the Financial Ombudsman Service. We have an internal complaints procedure to help resolve any problems you may have concerning the operation of your account. Further details are available from any Cumberland branch.

Issues of Fixed Interest Fixed Term Accounts may be withdrawn by us at any time without prior notice and may be replaced by future issues of Fixed Interest Fixed Term Accounts at higher or lower rates than those shown below.

Once an issue has been withdrawn no further deposits will be accepted. Please note the conditions regarding additional subscriptions to fixed rate fixed term Cash ISA account(s).

NEW AND EXISTING INVESTORS

The Society requires new investors to agree to assign any possible future windfall rights, in the unlikely event of conversion to a bank or a takeover, to a charitable foundation. Full details are set out in the Society’s new account application form.

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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Here 7 days a week. Until 8pm on weekdays.
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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

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Internet Banking
On computer, tablet and smartphone
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View your balances and transfer money between your accounts via secure message. Safely and securely. Current account required
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Mobile Banking App
Available on iPhone and Android phones
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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
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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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Your eligible deposits with Cumberland Building Society are protected up to a total of £75,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered.

Further information is available here or visit www.fscs.org.uk.

Instant Savings Account (Issue 4)

Minimum balance Gross interest1/AER2
£25,000 0.60% (0.35% from 17/11/16)
£5,000 0.45% (0.20% from 17/11/16)
£100 0.20% (0.10% from 17/11/16)
Interest paid Yearly on 31st March
Tax Status Interest is paid gross (without deduction of tax)
Conditions for bonus payment No bonus payment applies to this account
Withdrawal arrangements Instant access, subject to the minimum operating balance of £100 being maintained. If the account balance falls below £100 at any time, the account will be closed. Withdrawals not permitted by direct debit, standing order, regular internal transfer or faster payments.
Access Local branch | Telephone: (01228) 403141 (transfer between own Cumberland accounts)