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.

Regular savings accounts are a way of developing a savings habit and making timely use of anything you may be able to save. We offer a more traditional regular saver and a version for those saving for their first home. They can be useful for prospective first-time buyers to develop a habit of making regular monthly payments.

Summary

Account Name	Cumberland Regular Saver
What is the interest rate?	5.00% Variable Gross Interest*/AER† 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 monthly deposits of £250 are made?	£250 saved per month leads to £81.58 interest at the anniversary of the first deposit. This gives a total balance of £3,081.58 including interest. This figure is 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 and can be opened at any Cumberland branch. 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

Account Name	First Home Saver (Issue 2)
What is the interest rate?	4.10% Gross Interest*/AER† Interest is calculated on a daily basis, and is paid gross (without deduction of tax) annually on 31st 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 £100 deposited in each of the 12 months?	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 £1,226.76. This figure is for illustrative purposes only.
What would the estimated balance be after 12 months based on £1,500 deposited in each of the 12 months?	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 £18,401.35. This figure is for illustrative purposes only.
How do I open and manage my account?	This account is only available to open for first time buyers, over the age of 16, who are Cumberland current account customers. The account can be opened at any Cumberland branch. Minimum balance £100 Maximum balance £25,000 (plus interest earned) 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. 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. You can manage your account by: Visiting any Cumberland branch; Calling our Customer Service Team Using the Cumberland Internet Banking service or the Cumberland Mobile Banking App.
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 must be closed. Withdrawals not permitted by direct debit, standing order, faster payments, or regular internal transfer.
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 amount 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. You may only have one First Home Saver account 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

Help and advice

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