The Cumberland business banking review

The Cumberland building society has two business banking options available for customers within its operating area. Find out what they offer, including all the fees involved.

Posted

Fact checked
The Cumberland
Promoted
Tide

Try Tide as an alternative to Cumberland's business account

  • Award-winning, smart, simple business account
  • The hassle-free account for your business
  • Get your sort code and account number in minutes

What is The Cumberland business banking?

The Cumberland is a building society based in Cumbria, with branches operating in Cumbria, South West Scotland, West Northumberland and North Lancashire.

The Cumberland offers a range of services to businesses located within its operating areas, including current accounts, savings accounts and mortgages, with a business team that specialises in hospitality and commercial lending.

What type of business accounts does The Cumberland offer?

The Cumberland has two types of business accounts, depending on your type of business and daily transactions:

  • Option A. For businesses with a high proportion of cash and cheque transactions.
  • Option B. For businesses with a high proportion of electronic transactions.

Before applying, you are directed to The Cumberland’s business banking calculator. When you have filled in details about credits to and payments from your account, as well as current arrangements, you are directed to the option that is most suitable for your business.

The Cumberland business banking features and charges

Below are the details for each of The Cumberland’s business banking options:

Option A:

  • Cost of maintaining the account – £5 per month.
  • 35p fee for making direct debit and standing order payments.
  • 35p fee for sending money within the UK using online banking, £1.50 for sending money in branch.
  • £25 for CHAPS payments.
  • Cash withdrawal in the UK – £1,500 per quarter free, then 40p per £100.
  • Arranged Overdraft – 3.04% per quarter (12.73% EAR* variable).
  • Unarranged Overdraft – 5.659% per quarter (24.63% EAR* variable).

    Option B:

    • Cost of maintaining the account – £3 per month.
    • No fee for making direct debit and standing order payments.
    • No fee for sending money within the UK using online banking, £1.50 for sending money in branch.
    • £25 for CHAPS payments.
    • Cash withdrawal in the UK – 75p per £100.
    • Arranged Overdraft – 3.04% per quarter (12.73% EAR* variable).
    • Unarranged Overdraft – 5.659% per quarter (24.63% EAR* variable).

      The Cumberland international business banking

      Both business banking options from The Cumberland offer international banking.

      Cost of international banking:

      • Cash withdrawal in foreign currency outside the UK – free.
      • Foreign currency payment outside the UK to another European country in euros – £12.
      • Foreign currency payment outside the UK in currencies other than euros and/or to non-European countries – £20.
      • Receiving money from outside the UK (automated credits) – 20p and up to £60.

        The Cumberland business banking contact details

        The Cumberland customer care team can be reached on 01228403141.

        You can book telephone appointments and request a callback by filling in a form in the contact section of The Cumberland’s website.

        The Cumberland business banking reviews

        Online customer reviews are for The Cumberland as a building society, not specifically its business services.

        On Trustpilot, The Cumberland has 3.6 out of 5 stars and a rating of “Average”, based on just a handful of reviews. On similar platform Feefo, it has 4.8 out of 5 stars, based on more than 1,500 reviews made in the last year.

        Customers praise the fast, efficient and personal service, but some complain about problems with communication and obtaining certain products.

        Pros and cons of The Cumberland business banking

        Pros

        • Choice of two business accounts depending on your payments mix.
        • Integration with Xero accounting software.
        • Overdrafts available.

        Cons

        • Branch network limited to the local region.
        • International banking is an option, but fees for this could be cheaper elsewhere.

        Our verdict

        The Cumberland business banking offering comes with online and mobile banking, but if you’re looking for a branch network then it’s limited to the local region. International banking is also available, but fees are on the expensive side. The general business account fees are fairly middle of the road – there are cheaper accounts out there, plus ones with better digital features. But The Cumberland does have a choice of two business accounts depending on your most-used payment methods, and local businesses may prefer to go with a local banking provider.

        Compare The Cumberland against its competitors

        Data indicated here is updated regularly
        Name Product Account fee Bank transfers Accounting integrations Non-Sterling transactions Overdraft Account management Key benefits
        Tide
        Free
        £0.20
        Free if both accounts are with Tide
        Xero, QuickBooks, FreeAgent, ReckonOne, Kashflow and Sage
        Free
        App
        Free company registration when you open a Tide business account (usually £12)
        Amaiz
        £9.99 per month
        Free in first month
        Free Starter plan available
        £0.20
        FreeAgent, Xero, Sage, Reckon One, Kashflow, QuickBooks
        1%
        0.5% in Europe, 1% elsewhere
        App, Online
        Cashplus business
        £69
        £0.99
        Free transfers in first 3 months
        FreeAgent, Xero
        2.99%

        On invitation
        App, Online
        First Year's Annual Fee Refunded
        ANNA
        Free
        Free up to a max. balance of £5,000 (or up to £500 paid in per month)
        Free
        2 free transfers per month and unlimited free transfers to Anna accounts
        Coming soon
        Free
        App
        Earn 1% cashback for paying with your ANNA card in selected categories. Enjoy premium benefits free for the first 6 months.
        loading

        Compare up to 4 providers

        We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

        More guides on Finder

        Ask an Expert

        You are about to post a question on finder.com:

        • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
        • finder.com is a financial comparison and information service, not a bank or product provider
        • We cannot provide you with personal advice or recommendations
        • Your answer might already be waiting – check previous questions below to see if yours has already been asked

        Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

        By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

        Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
        Go to site