40 days
Variable interest rate up to 3.90% Gross interest(1)/AER(2)
Important Information: New customers must live within our operating area to open a Savings account.
Be organised and give us notice when you want access to your money to earn a higher rate of interest than on more accessible accounts
What is a notice savings account?
Notice accounts are a good way to save for the future and earn a rate of interest which tends to be higher than instant access. Plan ahead and give us notice of when you want access to your money, making these accounts more flexible that fixed term accounts. Although you may have to wait slightly longer to access your money, you will usually gain a higher interest rate than you would opting for an instant access account.
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.
3.90%
Notice Account
40
Days Notice
More flexibility than fixed rate bonds
40 days notice is required to withdraw money without loss of interest
Summary
| Account Name | 40 Days Notice Account (Issue 3) |
| What is the interest rate? | 3.90% Variable Gross Interest*/AER† Interest is calculated on a daily basis, and is paid gross (without deduction of tax) annually on 31st 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 £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 £1,039.00. This figure is for illustrative purposes only. |
| How do I open and manage my account? | This account is available to open at any Cumberland branch, or on internet banking for customers that hold an internet enabled current account. New customers must live within our operating area.
A minimum balance of £500 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:
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| Can I withdraw money? | Yes – 40 days notice is required, or on demand, subject to 40 days loss of interest on the amount withdrawn. Subject to the withdrawal arrangements, 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. Withdrawals not permitted by direct debit, standing order, faster payments, or regular internal transfer. |
Additional Information | No bonus payment applies to this account. This account can only be opened as a share account. For full details of our Variable 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
Help and advice
From managing your Savings Account online to our FAQs, we are here to help you.
Open an account
Choose your preferred option then open your Savings Account using the method that suits you.
Our Savings Hub
We’ve packed plenty of hints and tips, explanations and motivational advice all into one convenient space. From explaining the different types of accounts to helping you form good saving habits, we’re here to support you every step of the way.
Are you worried about your money?
Rising costs impact everyone in a different way. From increases in your energy bills to dipping into your savings more often, we are here to help. Our Money Worries Hub contains lots of useful information on savings, mortgages, debts and much more.
Internet Banking
View your balances and transfer money between your accounts, safely and securely. Current account required.
Mobile Banking App
Use our mobile banking app to manage your money wherever you are. Current account required.
Savings FAQs
If you have any questions about your Cumberland Savings account, we hope to answer them all below.