|Minimum balance||What is the interest rate? (Variable Gross Interest1/AER2)|
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 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 £1,004.50.
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 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 £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:
|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Yes. 40 days notice is required, or on demand, subject to 40 days loss of interest on the amount withdrawn.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
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.