free day-to-day banking for schools

This account is available to schools of all types and sizes within our operating area, and offers:

Internet banking

Access to 33 local branches

Local customer services based in Carlisle

Personal, friendly service

Credit interest

Free account switching service...

...our dedicated team will do all of this for you:

  • Transfer all credits
  • Transfer your standing orders
  • Contact the companies you pay direct debits to and provide them with your new account details
  • Close your old bank account
  • Keep you informed throughout the transfer process
  • Tell you when the transfer has been completed
Rates & charges
Credits to your account
Automated credits (e.g. Bacs) free
Cheque credits1 free
Cash & transfer credits free
Cash paid in free
Payments from your account
Cash debits free
Cheques issued from book free
Online payments free
Direct Debits free
Standing orders free
Cheques issued in branch free
Transfers at branch counters free
Internal transfers free
Cash withdrawn free
Monthly fee free
Credit interest
Variable gross interest2/AER3 0.50%
Net interest4 0.40%
Debit interest
Standard authorised overdraft interest rate 3.04% per quarter (12.73% p.a. variable EAR)5
Unauthorised overdraft interest rate 5.659% per quarter (24.63% p.a. variable EAR)5

To arrange an appointment to discuss opening a current account for your school, or to simply arrange a comparison with your present banking arrangements, contact us using any of the methods on the left.

(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. The Society reserves the right to vary the above charges for high volume accounts (over £250,000 credit turnover).

Minimum current account balance £1. Interest rates correct at 01/07/11.

Cumberland Building Society and Cumberland Financial Services Limited are authorised and regulated by the Financial Services Authority and are entered in the Financial Services Authority’s Register under Register Numbers 106074 and 200391. This site is intended for residents of the United Kingdom only. © Cumberland Building Society 2012. All Rights Reserved.

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