Regular Saver Accounts

Higher interest accounts which require a monthly saving deposit
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REGULAR SAVER ACCOUNT OPTIONS

If you can commit to saving each month

Regular Saver Account (Issue 3)
If you can commit saving each month
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Variable interest rate of 2.05% Gross interest(1)/AER(2)

One withdrawal during each subscription year without penalty. 11 out of 12 monthly payments must be made each subscription year

If these conditions are not met the interest rate over the year will be reduced by 1.95%. Withdrawals not permitted by Direct Debit, standing order, regular internal transfer or faster payments

Available to those with a Cumberland Plus current account
First Home Saver Account (Issue 2)
For first time buyers help save a deposit
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Variable interest rate of 2.25% Gross interest(1)/AER(2)

Our first home saver account makes saving for your first home more rewarding. Save anything from £100 to £1,500 every calendar month

£250 cashback paid if you take out a Cumberland mortgage. To qualify for the £250 cashback, the account must have been open for at least 6 months and have been funded with at least £100 per calendar month

90 days notice or on demand subject to 90 days loss of interest on the amount withdrawn

Available to those with a Cumberland Plus current account

Account Details

Key Product Information Summary Box

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

2.05%

What is the interest rate without meeting account requirements?

0.10%

Interest paid

Interest is calculated on a daily basis, and is paid gross (without deduction of tax) annually on the anniversary of the account opening date.

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 £25 deposit?

£25 saved per month leads to £3.35 interest at the anniversary of the first deposit. If more than one withdrawal is made during the subscription year or less than 11 out of 12 monthly payments are made during the subscription year, £25 saved per month leads to £0.16 interest at the anniversary of the first deposit.

What would the estimated balance be after 12 months based on a £250 deposit?

£250 saved per month leads to £33.54 interest at the anniversary of the first deposit. If more than one withdrawal is made during the subscription year or less than 11 out of 12 monthly payments are made during the subscription year, £250 saved per month leads to £1.63 interest at the anniversary of the first deposit.

These figures are for illustrative purposes only.
How do I open and manage my account?

This account is available to open for Cumberland Plus current account customers only who live in our operating area.

The account can be opened at any Cumberland branch.

The account must have a minimum opening balance of £25.

You must maintain the minimum balance and payment requirements of the account.

If you do not maintain the requirements of the account, the interest rate over the year will be reduced by 1.95%.

In addition, if you miss 3 or more consecutive payments, the account will be closed and the account balance transferred to an alternative instant access or savings account.

The account has a maximum balance of £15,000.

Once the account balance has reached £15,000 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 - 1 withdrawal during each subscription year without penalty. 11 out of 12 monthly payments must be made each subscription year. If these conditions are not met the interest rate over the year will be reduced by 1.95%.

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

Additional Information

No bonus payment applies to this account.

Subject to a minimum of £25, your monthly payment can be increased, at any time, and can also be decreased once in each subscription year, which will be effective from the following subscription month.

The subscription year is 12 months from the date the account is opened. Monthly payments must be made by internal transfer from your Cumberland Plus current account and no lump sums or overpayments are allowed.

You may only have one Regular Saver account, and it can only be opened as a share 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

Key Product Information Summary Box

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

£100 and above

2.25%

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 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 £100 deposit?

If £100 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 £102.25.

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 £1,022.50.

These figures are for illustrative purposes only.
How do I open and manage my account?

This account is available to open for first time buyers, over the age of 16, who are Cumberland current account customers, living in our operating area.

The account can be opened at any Cumberland branch.

You can deposit between £100 and £1,500 each month.

Accounts can be opened in single or joint names, subject to each customer having a sole or joint Cumberland current account.

The account has a maximum balance of £25,000 (plus interest earned). Once the account balance has reached £25,000, no further payments can be accepted and the account will continue to earn interest.

In addition, if you miss 2 or more consecutive payments, the account will be closed and the account balance transferred to an alternative instant access or savings account.

You can manage your account by:

Can I withdraw money?

Yes. 90 days notice is required, or on demand, subject to 90 days loss of interest on the amount withdrawn.At this point the account is closed and the remaining balance transferred to an alternative savings account or withdrawn.

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

Additional Information

Bonus - £250 cashback if you take out a Cumberland Building Society mortgage.

To qualify, the account must have been open for at least 6 months and have been funded with at least £100 per calendar month.

Only one cashback of £250 will be paid per mortgage application.

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

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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.