Rewards for regular savers

Put money aside each month and watch your balance grow with a higher interest rate
Book an appointment at your local branch. It only takes two minutes.
Book An Appointment

REGULAR SAVER ACCOUNTS AT A GLANCE

2.30%
Regular Saver
Interest rate meeting account requirements

Variable interest rate of 2.30% Gross interest(1)/AER(2)
2.50%
First Home Saver
For first time buyers only

Variable interest rate of 2.50% Gross interest(1)/AER(2)

Next steps

Start saving for the future with a Regular Savings Account from The Cumberland

Book appointment
Book an appointment online in minutes
Find out more
View the account details
Speak to us
Chat online or schedule a call

Summary Box

What is the interest rate?

2.30% (meeting account requirements)
0.10% (without meeting account requirements)

Minimum balance £25
Minimum monthly payment £25
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 £3.76 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 £37.63 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 2.20%.

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:

  • Visiting any Cumberland branch;

  • Calling our Customer Service Team on 01228 403141.

  • Using the Cumberland Internet Banking service or the Cumberland Mobile Banking App.

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 2.20%.

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

What is the interest rate?

2.50%

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.

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 £102.50.

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 £1,025.

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:

  • Visiting any Cumberland branch;

  • Calling our Customer Service Team on 01228 403141.

  • 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 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

FAQs

MANAGING YOUR SAVINGS

Internet Banking
On computer, tablet and smartphone
View your balances and transfer money between your accounts, safely and securely. Current account required.
Mobile Banking App
Available on iPhone and Android phones
Use our mobile banking app to manage your money wherever you are. Current account required.
In Branch
34 branches in our region
Pop into your nearest branch where our friendly and helpful staff are on hand to assist you 6 days a week.
FSCS Logo (Small) FSCS Logo (Large)

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.

Please click here for further information or visit www.fscs.org.uk.