Tax-free ways to save

Take out an ISA (Individual Savings Account) with The Cumberland and make the most of your tax free annual allowance
Telephone appointments
You can book a telephone appointment with one of our advisors. Unfortunately we are unable to accept face-to-face appointments in branch at this time, however you can book a call online.

A Cash ISA savings account is just the same as its non-ISA equivalent but has special tax status to ensure you incur no tax liability on the interest earned. You may only contribute new money to one Cash ISA in a tax year although you may transfer money from existing accounts /other providers into our ISAs which does not count towards your annual allowance.

You may choose the ISA which meets your needs from our range just in the same way as you would if selecting which is the most suitable non-ISA account. The Cumberland has the discretion just like our competitors to set its ISA rates the same or different from its non-ISA equivalents.

Although under current tax rules many savers may not have to pay tax on savings interest in non-ISA accounts, an ISA ensures that regardless of your income, total interest earned or any other relevant circumstances you incur no tax liability plus you balance is shielded in the ISA wrapper for future years.

0.15%
Cash ISA
Instant access account

Variable interest rate of 0.15% Tax Free(1)/AER(2)
1.60%
Cash Junior ISA
Open to customers under 18

Variable interest rate of 1.60% Tax Free(1)/AER(2)
0.40%
1 Year Fixed
Fixed Interest Fixed Term Cash ISA Account

0.40% Fixed Tax Free(3)/AER(2) until 21 September 2022
0.55%
2 Year Fixed
Fixed Interest Fixed Term Cash ISA Account

0.55% Fixed Tax Free(3)/AER(2) until 21 September 2023

Summary Box

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

£1 and above

0.15%

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 £1,001.50

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 or on internet banking for customers that hold an internet enabled current account.

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)

£50 and above

1.60%

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 £1,016.00

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 £9,000 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:

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

Minimum balance What is the interest rate? (Fixed tax Free3/AER2)

£1,000

0.40%

Interest paid

Fixed interest until 21 September 2022. Paid annually on 21 September. Interest is added to the account on an annual basis or 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 is fixed and cannot be changed by us during the term of the products.

For further details, please read clause 8.7-8.9 in our Savings & Current Account Terms & Conditions leaflet.

What would the estimated balance be at the end of the fixed term?

If £1,000 was deposited in the account on opening, 22 September 2021, assuming no further deposits or withdrawals are made, on 21 September 2022 the account balance, including interest, would be £1,004.

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 £20,000) during the tax year or until such time as a specific ISA issue is closed to subscriptions. At any point and without notice we may close a specific ISA issue to a new subscription, after which no further subscriptions would be allowed.

Your ISA Cash Fixed Term Account will mature at the end of the agreed investment term. Shortly before the end of the fixed investment term we’ll contact you with details of the options you can take on maturity, one of which may be to extend your investment for a further fixed term.

You’ll be able to withdraw your investment or transfer to an alternative account without penalty on the maturity date, provided you tell us on or before this date.

If we receive no instructions on or before the maturity date, and a further ISA Cash Fixed Term Account is available, your investment will be automatically rolled over into such an account on the terms and conditions applying to that account, a copy of which will be supplied before the maturity of your existing account. It’s therefore important that you let us have your instructions, on or before the maturity date.

You can manage your account by:

  • Visiting any Cumberland branch;
  • Using the Cumberland Internet Banking service or the Cumberland Mobile Banking app only if you have an internet enabled current account.(Only available for internet enabled Cumberland Current Accounts)
Can I withdraw money?

No - Partial withdrawals aren’t 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

No bonus payment applies to this account.

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

3. 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).

Minimum balance What is the interest rate? (Fixed tax Free3/AER2)

£1,000

0.55%

Interest paid

Fixed interest until 21 September 2023. Paid annually on 21 September. Interest is added to the account on an annual basis or 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 is fixed and cannot be changed by us during the term of the products.

For further details, please read clause 8.7-8.9 in our Savings & Current Account Terms & Conditions leaflet.

What would the estimated balance be at the end of the fixed term?

If £1,000 was deposited in the account on opening, 22 September 2021, assuming no further deposits or withdrawals are made, on 21 September 2023 the account balance, including interest, would be £1,011.03.

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 £20,000) during the tax year or until such time as a specific ISA issue is closed to subscriptions. At any point and without notice we may close a specific ISA issue to a new subscription, after which no further subscriptions would be allowed.

Your ISA Cash Fixed Term Account will mature at the end of the agreed investment term. Shortly before the end of the fixed investment term we’ll contact you with details of the options you can take on maturity, one of which may be to extend your investment for a further fixed term.

You’ll be able to withdraw your investment or transfer to an alternative account without penalty on the maturity date, provided you tell us on or before this date.

If we receive no instructions on or before the maturity date, and a further ISA Cash Fixed Term Account is available, your investment will be automatically rolled over into such an account on the terms and conditions applying to that account, a copy of which will be supplied before the maturity of your existing account. It’s therefore important that you let us have your instructions, on or before the maturity date.

You can manage your account by:

  • Visiting any Cumberland branch;
  • Using the Cumberland Internet Banking service or the Cumberland Mobile Banking app only if you have an internet enabled current account.(Only available for internet enabled Cumberland Current Accounts)
Can I withdraw money?

No - Partial withdrawals aren’t 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

No bonus payment applies to this account.

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

3. 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).

Help and Advice

From managing your Savings Account online to our FAQs, we are here to help you.

Opening an account
All you need to know about opening an account with The Cumberland
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.
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.