Savings FAQs
FAQs
Our operating area is:
- Cumbria (all CA and LA postcodes)
- South-West Scotland (all DG postcodes and TD9)
- West Northumberland (NE45-49)
- North Lancashire (all PR, FY, LA AND BB1-3 and BB5-7)
Book an appointment with one of our friendly advisors. Our advisors will discuss your options with you and open your brand-new account.
Your advisor will discuss your account requirements with you and ensure you fully understand the terms and conditions of any account you wish to open. If you wish to go ahead, your advisor will inform you of the next steps and arrange to open your brand-new account for you.
When opening an account with us, we are required by law to verify your identity. We will do this by completing an Electronic ID search (EID) if you are aged 18 or over.
If EID is unsuccessful, or the results are not sufficient to pass the ID check, we will ask you to provide two forms of identification as an alternative. For customers under the age of 18, two forms of identification will always be required as it is not possible to complete an EID search on customers below the age of 18.
If you are asked to bring physical copies of identification, please bring along two documents (one from each list below).
Note: The same document cannot be used for both Proof of Identity and Proof of Address.
Proof of Identity
- Valid UK, EU or EEA Passport
- Valid International Passport
- Valid National Identity Card
- Valid Full UK Driving Licence
- Valid Provisional UK Driving Licence
- Firearms Certificate or Shotgun Licence
- HMRC Tax Assessment issued within the last 12 months (not a P60 or P45)
- Benefit statement issued within the last 12 months
- Private Pension statement issued within the last 12 months
- Signed UK Armed Forces letter containing your name, date of birth and position
- Home Office Immigration Status document accompanied with proof of right to reside in the UK
- Birth Certificate or Adoption Certificate (under 18’s only)
- NHS Medical Card (under 18’s only)
If you are aged under 18, this can be in your own name or in the name of a parent or guardian that lives at the same address.
Proof of Address
- Valid Full UK Driving Licence
- Valid Provisional UK Driving Licence
- Bank or Building Society statement issued within the last 3 months
- Council Tax statement issued within the last 12 months
- Utility Bill issued within the last 12 months (mobile phone bills cannot be accepted)
- Mortgage statement issued within the last 12 months
- Letter from UK solicitor confirming house purchase issued within the last 3 months
- Private Pension statement issued within the last 12 months
- Government Pension statement issued within the last 12 months
- House Insurance certificate
- Motor Insurance certificate
- HMRC Tax Assessment issued within the last 12 months (not a P60 or P45)
- Letter from headteacher or college principal (if in full-time education) (under 18’s only)
- Parent or guardian address verification (under 18’s only)
If you are aged under 18, this can be in your own name or in the name of a parent or guardian that lives at the same address.
Proof of Apprenticeship (Freedom Apprenticeship Account Only)
You must provide us with a letter from an employer/apprenticeship training provider confirming acceptance on an apprenticeship or a copy of an apprenticeship agreement
Savings FAQs
Our eSavings account is only available to internet enabled Cumberland Plus or Freedom Apprentice current account customers.
This account can be opened at any Cumberland branch or on internet banking.
If you'd like to open your account in branch, please click here to book an appointment.
This account is available to open for Cumberland Plus current account customers only and can be opened at any Cumberland branch.
If you'd like to open this account, please click here to book an appointment.
Interest is calculated daily and paid on the date specified in your terms and conditions.
On fixed term accounts, if interest is paid prior to maturity and you decide to close the account on your maturity date, you would receive any additional interest due at the time of closure.
ISA FAQs
An ISA (Individual Savings Account) is an account which enables you to save or invest money without paying tax on the interest or investment returns you receive.
Tax treatment depends on individual circumstances of each customer and may be subject to change in the future.
An ISA allowance is the maximum amount that can be saved and invested during a tax year. This allowance refreshes each year, allowing you to save or invest further funds into an ISA account.
For the current tax year, the ISA allowance is £20,000.
For Junior ISAs, the allowance is currently £9,000.
Yes. We will normally accept the transfer of a Cash ISA from another ISA provider, subject to ISA regulations. We recommend you check with your existing provider whether their account has any restrictions on withdrawals to make transfers.
Please visit our Savings Hub to read our handy guide n transferring an ISA.
Our Cash ISA is an instant access account, this means you can withdraw money if you need to. Any withdrawals you may make from our ISAs are not added back to your annual allowance meaning if you withdraw money after using your full annual ISA allowance, you will not be able to add more money to your ISA account for the rest of the tax year.
No withdrawals are permitted from the Junior ISA.
Partial withdrawals are not permitted on fixed rate ISA accounts, but you can close the account at any time subject to an interest penalty on the closing balance.
No only the account holder can make payment of any kind into a cash ISA, which can only be held in a sole name.
This is a term for any savings or investment product that is designated as an ISA and therefore means any interest you earn on your ISA will not be taxed.
There is no real difference between the two except for the tax treatment. You won’t pay or be liable for any tax on interest earned in an ISA but you may owe tax on non-ISA interest. Some banks and building societies offer the same product and interest rates regardless of whether they are an ISA or not whereas others may have different rates or specific accounts.
Notice Accounts FAQ
The Notice Account is designed for those who do not need instant access to their savings. However, if unforeseen circumstances arise you can make withdrawals without notice but there will be a notice penalty applied to the amount withdrawn. Notice penalties vary by account type.
Regular Saver & First Home Saver FAQs
Our Regular Saver and First Home Saver accounts can be opened in single or joint names, subject to each customer having a sole or joint Cumberland current account.
If you have a Cumberland Regular Saver you can withdraw up to £500 each day in cash subject to the minimum operating balance of £1 being maintained.
If you have a Regular Saver Account, Regular Saver Account Issue 2 or Regular Savers Account Issue 3 you can withdraw but only one penalty free withdrawal is permitted per subscription year. Further withdrawals will result in an interest rate reduction for the current subscription year.
You can withdraw up to £500 each day in cash subject to the minimum operating balance of £1 being maintained.
You can also withdraw by cheque (subject to the minimum operating balance of £1 being maintained).
Withdrawals are not permitted by direct debit, standing order, regular internal transfer or faster payment.
You will not get the First Home Saver £250 bonus cashback, which is only payable if you take out a Cumberland mortgage. You will still receive interest on the account providing you meet the remaining terms & conditions. However, we do offer a Regular Savings account for those who wish to save monthly, but are not saving to buy a home.
Children's Accounts FAQs
Accounts opened for young savers up to 7 years of age 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 name or in trust.
Children’s Accounts, excluding Cash Junior ISAs, are not tax free. If a parent gifts money to a child, and it produces more than £100 gross interest in a tax year, the income may be taxable depending on the parent’s personal circumstances.
Otherwise gifts aside, as most children do not pay income tax, the issue of paying tax on savings interest is largely irrelevant. However in the rare event of a child having sufficient income potentially they could be liable to pay tax on their savings but this is a complex area and we advise you seek specialist tax advice if you are unsure about your child’s tax status.