Notice & Term Savings Accounts

Plan ahead and give us notice when you want access to your money and you can earn an attractive rate of interest
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NOTICE & TERM AT A GLANCE

0.75%
Notice Account
Tiered-Rate Account

Variable interest rate up to 0.75% Gross interest(1)/AER(2)
40
Days Notice
More flexibility than fixed rate bonds

Only 40 days notice is required to withdraw money without loss of interest

Next Steps

Start saving with a 40 Days Notice Account from The Cumberland

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Summary Box

Minimum balance What is the interest rate? (Variable Gross Interest1/AER2)

£10,000

0.75%

£5,000

0.55%

£500

0.45%

Interest paid

Interest is calculated on a daily basis, and is paid gross (without deduction of tax) 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 inthe 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 £500 deposit?

If £500 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 £502.25.

What would the estimated balance be after 12 months based on a £5,000 deposit?

If £5,000 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 £5,027.50.

What would the estimated balance be after 12 months based on a £10,000 deposit?

If £10,000 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 £10,075

.
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 who live in our operating area.

The account must have a minimum opening balance of £500.

A minimum balance of £500 must be maintained in the account. If the account balance falls below this at any time, the account will be closed.

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. 40 days notice is required, or on demand, subject to 40 days loss of interest on the amount withdrawn.

Subject to withdrawal arrangements, 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.

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

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

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.
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.