Important Information: New customers must live within our operating area to open a Savings account.

Rewards for regular savers

A way to build solid savings habits, setting aside savings each month.
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5.25%
Regular Saver

1 year term

Variable interest rate of 5.25% Gross interest(1)/AER(2)

4.35%
First Home Saver

For first time buyers only

Variable interest rate of 4.35% Gross interest(1)/AER(2)

Summary

Account Name Cumberland Regular Saver
What is the interest rate?

5.25% (variable)

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

Minimum balance £1
Maximum monthly deposit £250
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.

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 monthly deposits of £250 are made?

£250 saved per month leads to £85.65 interest at the anniversary of the first deposit. This gives a total balance of £3,085.65 including interest.

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. There are a number of ways you can open and manage your account.

  • You can book a telephone appointment with one of our friendly advisors who can take you through the application process or help you with your account at any time.
  • Visit any of our Cumberland branches for support in person. To book an appointment with one of our branches click here.

Once your account is opened, If you are already a Cumberland customer with an internet enabled current account, you can manage your account online.

The account must have a minimum opening and operating balance of £1.

You can deposit a maximum of £250 each month.

The account has a maximum balance of £3,000 (plus interest).

There is a 12 month fixed term for this account, beginning on the day you open the account.

After the fixed term ends your account balance, plus interest, will be transferred into a Cumberland Reward Instant Access account. This will either be a new account or, if you already have a Cumberland Reward Instant Access account in the same name as your Cumberland Regular Saver, your balance plus interest will be transferred to this account. The Cumberland Reward Instant Access product will have a lower interest rate but will allow further deposits. The terms and conditions and the interest rate applicable to that account, at that time, will apply.

We will personally notify you before making this transfer, providing details of the terms, conditions and interest rate that will apply at the time.

Can I withdraw money?

Yes.

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

You can withdraw up to £500 each day in cash subject to the minimum operating balance of £1 being maintained.

Additional Information

No bonus payment applies to this account.

You may only have one new ‘Cumberland Regular Saver’ product in operation at any one time, and it can only be opened as a share account.

For full details of our Variable Rate products please refer to our separate leaflet. Download leaflet

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

What is the interest rate?

4.35%

Minimum balance £100
Minimum monthly payment £100
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.

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 monthly deposits of £100 are made?

If £100 was deposited in the account on opening on 1 April, assuming further deposits of £100 are made on the 1st of each of the following eleven months and no withdrawals are made, on 31 March the account balance, including interest would be £1,228.39.

What would the estimated balance be after 12 monthly deposits of £1,500 are made?

If £1,500 was deposited in the account on opening on 1 April, assuming further deposits of £1500 are made on the 1st of each of the following eleven months and no withdrawals are made, on 31 March the account balance, including interest would be £18,425.82.

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 but 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.

There are several ways you can open and manage your account.

You can book a telephone appointment with one of our friendly advisors who can take you through the application process or help you with your account at any time.

Visit any of our Cumberland branches for support in person. To book an appointment with one of our branches click here.

If you are already a Cumberland customer with an internet enabled current account, you can manage your account online.

Once you are an account holder, our Customer Service Team are also available to help you on 01228 403 141.

Can I withdraw money?

Yes. 90 days notice is required, or on demand, subject to 90 days loss of interest on the amount withdrawn. Instant access withdrawal without penalty if withdrawing funds to pay for a deposit on a property with a Cumberland Building Society mortgage. At this point the account is closed and the remaining balance transferred to an alternative savings account or paid out.

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.

If you do not take out a Cumberland mortgage, you will not receive the cashback but will still be paid interest. Our Regular Saver account is the account aimed at those who wish to save regularly but not for the express purpose of savings for a deposit for a Cumberland mortgage. You may only have one First Home Saver account and it can only opened as a share account.

For full details of our Variable Rate products please refer to our separate leaflet. Download leaflet

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

Help and advice

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

Discuss your preferred options with one of our friendly advisors

Book Appointment
Internet Banking

View your balances and transfer money between your accounts, safely and securely. Current account required.

Internet Banking
Mobile Banking App

Use our mobile banking app to manage your money wherever you are. Current account required.

Mobile Banking App
Savings FAQs

If you have any questions about your Cumberland Savings account, we hope to answer them all below.

Find Out More