Rewards for regular savers

4.35%

Interest is calculated on a daily basis, and is paid gross (without deduction of tax) annually on 31 March.

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.

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.

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.

This account is 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.

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.

Yes. 90 days notice is required, or on demand, subject to 90 days loss of interest on the amount withdrawn.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.

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.