Accounts | First 12 months FREE banking | then either | |
|---|---|---|---|
| Option A | Option B | ||
credits to accounts |
|||
| Automated credits* (eg. BACS) | free | 25p | free |
| Cheque credits1 | free | 75p | £1.00 |
| Cash & transfer credits | free | 55p | 55p |
| Cash paid in | free | £5000 per quarter free then 25p per £100 | £500 per quarter free then 50p per £100 |
payments from accounts |
|||
| Cash debits | free | 55p | 55p |
| Cheques issued from book | free | 55p | 55p |
| Online payments* | free | 35p | free |
| Direct Debits* | free | 35p | free |
| Standing orders* | free | 35p | free |
| Debit card* | free | 35p | free |
| ATM withdrawals* | free | 35p | free |
| Debit card & ATM use abroad*6 | free | free |
free |
| Cheques issued in branch | free | £1.50 | £1.50 |
| Transfers at branch counters | free | 55p | 55p |
| Internal transfers* | free | 35p | free |
| Cash withdrawn | free | £1500 per quarter free then 25p per £100 | 50p per £100 |
| Monthly fee* | free | £2.00 per month | free |
credit interest |
|||
| Variable gross interest2/AER3 | 0.10% | 0.10% | 0.00% |
| Net interest4 | 0.08% | 0.08% | 0.00% |
debit interest |
|||
| Standard authorised overdraft interest rate | 3.04% per quarter (12.73% p.a. variable EAR)5 | ||
| Unauthorised overdraft interest rate | 4.659% per quarter (19.98% p.a. variable EAR)5 | ||
Interest rates correct at 01/04/09.
(1) Maximum 5 cheques allowed per credit
(2) Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law
(3) Annual Equivalent Rate (AER) illustrates what the interest rate would be if interest was paid and added each year.
(4) Net interest is the rate of interest which would be payable after allowing for the deduction of income tax at 20%, ie. the rate specified by law. Net interest rates have been rounded and are for illustrative purposes only.
(5) EAR - Effective Annual Rate. Charges are calculated quarterly at the end of March, June, September and December and are deducted from accounts on or around the 26th day of the following month. The Society reserves the right to vary the above charges for high volume accounts (over £250,000 credit turnover).
(6) Normal ATM withdrawal fee still applies.
(7) The Cumberland does not charge you to use ATMs abroad but the provider of an ATM may apply a charge. The sterling conversion amount debited to your account will include any VISA processing fees.
* Automated transactions. All other chargeable transactions above are manual.