Cumberland Building Society Business Banking

About Cumberland Building Society

Cumberland Building Society are a common sight on UK high streets in Cumbria with 34 branches in surrounding areas. The building society was founded more than 170 years ago in 1850, with the goal of making a positive difference and focusing on putting their customers first. Nearly 200 years later and that is still their core principle, alongside tackling social and environmental issues.

See our full Cumberland Building Society business bank account review of features, fees and how they compare against other online and high street bank accounts.

Cumberland Building Society current accounts

Cumberland Building Society offers two business current account options that can both be accessed online, by phone or in-branch.

Manual actions, such as cash and cheque services, are cheaper for banking Option A accounts but automated actions, such as direct debits or card payments, incur fees for every use.

The opposite stands for Option B accounts, where automated payments are free but cash services cost more.

All new businesses with less than £250,000 turnover are eligible for 12 months free banking, no matter what option they choose.

Here are the Cumberland's typical fees outside their free banking period:

Eligibility

To be eligible for a Cumberland Building Society business account you must:

• Be 18 or over
• Be a sole trader or registered business
• Be a UK resident (all owners must be UK residents, if applicable)
• Be a UK-based business
• Live within their branch operating area*

*New customers must live in one of the following areas: Cumbria, South-West Scotland, West Northumberland or North Lancashire

Opening an account

Here's how to open a Cumberland Building Society business account:

1. To open online download Cumberland's app from the App Store or Google Play
2. To open in store find your nearest Cumberland Building Society and head on in
3. Complete their application - Cumberland will confirm your eligibility
4. Verify your ID - with photo ID such as a passport or photocard driving licence
5. Once approved you can start banking

Cumberland Building Society savings accounts

Cumberland Building Society have three business saving options available to choose from:

• Instant Access - can be accessed whenever and up to £500 in cash can be withdrawn each day. The minimum balance requirement is £100 and the interest rate is 2.40% AER.
• 40 Day Notice - 40 days of notice is needed before you can access your money. The account offers a 2.60% AER interest rate and requires a minimum balance of £10,000 to be maintained. The most you can save is £1 million.
• eSavings - only available to internet banking customers and can be opened with as little as a £1, while the maximum your account can hold is £1 million. The interest you'll receive is paid into your current account at an interest rate of 2.60% AER.

Cumberland Building Society reviews

Cumberland Building Society score very highly on Feefo with 4.8 stars, based on over 1,700 reviews.

While on Trustpilot they only get 2.2 out of 5 stars, though this is from just 27 reviews.

The Cumberland apps do much better with 3.9 stars on the App Store and a slightly lower 3.2 on Google Play.

Information correct as of 7th February 2023.