Withdraw up to £500 each day in cash and up to £99,999.99 by crossed cheque
Variable interest rate up to 3.05% Gross interest(1)/AER(2)
3.05%
Instant Access
Withdraw up to £500 each day in cash and up to £99,999.99 by crossed cheque
Variable interest rate up to 3.05% Gross interest(1)/AER(2)
Fixed Interest Fixed Term Account
4.20% Fixed Gross interest(1)/AER(2) until 27 May 2025
An exclusive online savings account available to Business Internet Banking customers
Variable interest rate up to 3.25% Gross interest(1)/AER(2)
40 days notice is required to withdraw money without loss of interest
Variable interest rate up to 3.55% Gross interest(1)/AER(2)
| Minimum balance | What is the interest rate? (Variable gross interest1/AER2) |
£100 |
3.05% |
| 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 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 £1,030.50 |
| These figures are for illustrative purposes only. | |
| Who can apply | We welcome new applications from existing customers who live within our branch operating area. Some restrictions may apply to new accounts available to existing customers who live outside our branch operating area. Contact us for more information. Our operating area is:
|
| Can I withdraw money? | Yes. This is an instant access account, and you can withdraw up to £500 each day in cash and up to £99,999.99 by crossed cheque (cheques for larger amounts are normally available the following day), subject to the minimum operating balance of £100 being maintained. Withdrawals not permitted by direct debit, standing order, regular internal transfer or faster payments. |
| Additional Information | No bonus payment applies to this 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
| Account Name | Business One Year Fixed Interest Fixed Term |
| What is the interest rate? | 4.20% Fixed Gross Interest1/AER2 until 27 May 2025 Interest is calculated daily and paid annually on 30 April. Interest is added to the account. Alternatively, interest can be transferred to another Cumberland account or to an account with another provider. |
| Can Cumberland Building Society change the interest rate? | No - The rate of interest paid on money in your account is fixed and cannot be changed by us during the term of the products. 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 £10,000 deposit? | Assuming no further deposits or withdrawals are made, if £10,000 was deposited into the account upon opening, the account balance (including interest) would be £10,420.00 after 12 months. |
These figures are for illustrative purposes only. |
|
| How do I open and manage my account? | This account is available to open for existing Cumberland Business customers by contacting our team on 01228 403320 (9am to 5pm) or 01128 403141 (out of business hours). New customers must live within our operating area. For details of our operating area, please visit cumberland.co.uk/savings/faqs The minimum opening balance for this account is £10,000. Additional deposits can be made into the account until such a point that the specific issue is no longer on sale. At any point, and without notice, we may close a specific Fixed Interest Fixed Term issue to further deposits, after which no new or additional deposits will be accepted into the account. The maximum balance for this account is £1,000,000. Your Fixed Interest Fixed Term Account will mature at the end of the agreed investment term. Shortly before the end of the fixed term we'll contact you with details of the options available to you for your maturing account. One of these options may be to extend your investment for a further fixed term. No bonus payment applies to this account You can manage your account by: Using the Cumberland Internet Banking service or Mobile Banking App (providing you have an internet enabled current account) or by visiting any Cumberland Branch. |
| Can I withdraw money? | No - it's not possible to withdraw from, transfer or close the account before the maturity date of the Fixed Interest Fixed Term Account. Penalty free withdrawals are permitted on the specified maturity date. You'll be able to withdraw your investment or transfer to an alternative account without penalty on the maturity date, providing you inform us before your maturity date. If we receive no instruction on or before the maturity date, and a further Fixed Interest Fixed Term Account is available, your investment will be automatically rolled over onto the available Fixed Interest Fixed Term, which will subject to the Terms and Conditions applicable to the new account. Terms and Conditions for the new account will be supplied before the maturity of your existing account. It is therefore important for you to provide your instructions on or before your maturity date if you wish to make alternative arrangements. |
| Additional Information | For full details of our Fixed 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.
3. Tax Free rate of interest is the rate payable, under current legislation, where interest is exempt from income tax. (Your tax benefits will be lost if your ISA ceases to be tax exempt).
| Minimum balance | What is the interest rate? (Variable gross interest1/AER2) |
£1 |
3.25% |
| Interest paid | Interest is calculated on a daily basis, and is paid gross (without deduction of tax) annually on 31 March to your Cumberland Business current account. |
| 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 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 £1,032.50 |
These figures are for illustrative purposes only. |
|
| Who can apply | We welcome new applications from existing customers who live within our branch operating area. Some restrictions may apply to new accounts available to existing customers who live outside our branch operating area. Contact us for more information. Our operating area is:
|
| Can I withdraw money? | Yes. Instant access withdrawal via online transfer to your Cumberland business current account. Withdrawals not permitted by direct debit, standing order, regular internal transfer or faster payments. |
| Additional Information | If you close or de-register your internet banking Cumberland business current account your eSavings business account will, in the absence of alternative instruction be closed. This account is not available to schools. No bonus payment applies to this 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
| Minimum balance | What is the interest rate? (Variable gross interest1/AER2) |
£10,000 |
3.55% |
| 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 months based on a £10,000 deposit? | If £10,000 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 £10,355. |
These figures are for illustrative purposes only. |
|
| Who can apply | We welcome new applications from existing customers who live within our branch operating area. Some restrictions may apply to new accounts available to existing customers who live outside our branch operating area. Contact us for more information. Our operating area is:
|
| Can I withdraw money? | Yes. 40 days notice is required, or on demand, subject to 40 days loss of interest on the amount withdrawn. Withdrawals and deposits by crossed cheque, account transfer, cash or CHAPS (CHAPS subject to limit/charge). Withdrawals are not permited by direct debit, standing order, regular internal transfer or faster payments. |
| Additional Information | Only one account is allowed per business. This account is not available to schools. No bonus payment applies to this 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
We welcome new applications from existing customers who live within our branch operating area. Some restrictions may apply to new accounts available to existing customers who live outside our branch operating area.
Our operating area is:
Yes, existing business current account customers can apply for an eSavings account via Internet Banking.