Children's Savings Accounts

4.35% Variable Gross Interest*/AER†

Interest is calculated on a daily basis, and is paid tax free annually on 31st 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.

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.

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, including interest balance would be £1043.50.

This figure is for illustrative purposes only.

This account is available to open for customers under 18 years of age who do not hold a Child Trust Fund. The account can be opened at any Cumberland branch. Only parents or guardians with parental responsibility can open the account on behalf of the child.

New customers must live within our operating area.

• Minimum balance £50
• Maximum balance £500,000

A minimum balance of £50 must be maintained in the account. If the account balance falls below this at any time, the account may be closed.

In the current tax year, you can deposit up to £9000. Once this limit has been reached, no further payments can be accepted by the account will continue to earn interest. Your allowance will refresh the following tax year.You can manage your account by:

• Visiting any Cumberland branch;
• Calling our Customer Service Team (transfer between Cumberland accounts)

No – withdrawals are not permitted from this account. The only exception to this is if the child becomes terminally ill or dies. On the account holder’s 18th birthday, the account will be transferred to a Cash ISA with instant access and the holder will be able to make withdrawals.

No bonus payment applies to this account.

Pay into the account at any time, subject to the Cash Junior ISA limit in the tax year.

All payments to the Cash Junior ISA are classified as a gift to the child, and as such cannot be repaid to the subscriber if at a later date the subscriber changes their mind.

This account can only be opened as a share account.

For full details of our Cash Junior ISAs, including fixed rate products (when available), please refer to our separate leaflet, available from any branch.

For full details of our Variable Rate products please refer to our separate leaflet. Download leaflet

4.15% Variable Gross Interest*/AER†

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

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.

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 £1,041.50.

This figure is for illustrative purposes only.

This account is available to open at any Cumberland branch, for customers up to the age of 16. Customers living outside of our operating area must produce a Carlisle United season ticket or a Carlisle United Supporters Club membership.

• Minimum balance £10
• Maximum balance £5,000 (plus interest earned)

A minimum balance of £10 must be maintained in the account. If the account balance falls below this at any time, the account may be closed.

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.

Yes – Up to 6 instant access penalty free withdrawals each calendar year. If more than 6 withdrawals are made in a calendar year the account balance will be transferred to either an existing or new Instant Savings account.

Withdrawals not permitted by direct debit, standing order, faster payments, or regular internal transfer

The account is restricted to one per person.

No bonus payment applies to this account.

This account can only be opened as a share account for individuals who are investing their money on their own behalf or on behalf of another person (i.e. a parent or guardian or behalf of a child).

Accounts opened for young savers up to 7 years will be opened in trust and must be operated by a responsible adult such as a parent, guardian or grandparent. Accounts opened for young savers aged 7 or over may be opened in the young person’s own name or in trust. The Society reserves the right to check with a parent, guardian or grandparent that a large cash withdrawal is genuinely required. Standing orders, direct debit, regular internal transfers and faster payments cannot be paid from this account.

We will make an annual donation to Carlisle United Football Club, equivalent to 1% of the total balances held in the account. To obtain entry to Carlisle United’s regular free prize draw for Young Cumberland Blues Savers you should tick the appropriate box on the application form.

For full details of our Variable Rate products please refer to our separate leaflet. Download leaflet