Different types of accounts

When it comes to saving, everyone’s different. We know times are tough right now and saving money might not feel like a priority. But a small start could lead to a big change.

Research shows that 72% of people are confident they could save £10 more a month than they currently do. So, if you can save, we’re here to help you get the most out of your money.

Take a look at our explainer below or book an appointment with a Savings Advisor to find out more about our range of savings products.

Instant Access

With this type of account, you’ve got access to your money whenever you need it. You can make withdrawals and transfers at any time without having to pay a fee or give notice.

This is a good way to have additional money available for spontaneous treats or regular expenditure. We have a choice of accounts from branch-based to an online eSaver.

Tax-Free ISAs

An ISA is an Individual Savings Account. These are accounts designed to enable you to save without paying income tax on your savings.

Fixed Rate

Fixed rate savings accounts give you certainty of the rate you will earn over the term of your account. They generally offer higher interest than more accessible accounts so are good if you know you do not need to access your money soon (you cannot withdraw before maturity date on any of our fixed rate accounts but may transfer earlier to another provider if you have a fixed rate ISA, subject to a loss of some interest). These accounts can allow you to save for longer term goals.

Regular Savings

These 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.

Notice & Term

These accounts are a good way to save for the future and earn a rate of interest which tends to be higher than instant access, if you can plan ahead and give us notice of when you want access to your money. Notice accounts are not suitable should you want immediate access to your savings, but these accounts give you a structure to put money away for the future whilst knowing that should circumstances or plans change you can quickly access your funds.

Children’s Accounts

We offer a range of accounts which can help you save for your child’s future, from opening their first account and continuing to save with us throughout childhood.

Save & Support

We offer save and support accounts which support local clubs and charities. For example, three of our regional hospices benefit from an annual donation from The Cumberland equivalent to 1% of the total average balances held in of all Hospices Accounts during the year.

You can compare all our savings accounts here.

* UK Saving’s Week’s research was conducted by Opinium among a nationally representative audience of 2,000 UK adults (18+) between 23/08/22 -25/08/22.