The Cumberland business bank account comparison and 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.
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.
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The Cumberland is a building society based in Cumbria, with branches operating in Cumbria, South West Scotland, West Northumberland and North Lancashire.
What type of business accounts does The Cumberland offer?
The Cumberland has three 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.
Freedom Apprentice Account. Designed to help apprentices (aged 16 to 23) manage their money.
Before applying for the main business account (Option A or B) 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 building society is currently offering 12 months of free business banking to companies with an annual turnover of up to £250,000, subject to certain terms and conditions.
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).
Freedom Apprentice Account:
Cost of maintaining the account – free
No fee for making direct debit and standing order payments.
No fee for sending money within the UK using online banking or in branch.
£25 for CHAPS payments.
Cash withdrawal in the UK and abroad – free
Unarranged Overdraft – 14.99% EAR* variable.
Arranged Overdraft – not applicable.
Customer service information for The Cumberland
Email support
Telephone support
In-app or live chat
Contact form
Branch support
The Cumberland international business banking
Both A and B 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 2.4 out of 5 stars and a rating of “Poor”, based on just 55 reviews. But on similar platform Feefo, it has 4.9 out of 5 stars, based on more than 2,100 reviews made in the last year.
On the Apple App Store, The Cumberland’s app scores 4.8 out of 5 stars from more than 1,400 reviews and on the Google Play Store it scores 4.3 out of 5 from more than 560 reviews.
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 three 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 business accounts depending on your most-used payment methods, and local businesses may prefer to go with a local banking provider. It also offers the UK’s first bank account designed for apprentices.
Get started by visiting The Cumberland’s website and sign up for an account. If you have read this review and decided that The Cumberland’s account is not for you, you can also compare other business bank accounts on the market.
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Ronny Lavie was a deputy editor at Finder, specialising in insurance content. She has almost a decade of experience writing about financial topics, including five months spent as the interim managing editor for the Fintech Times newspaper. Ronny has a Master of Arts in Creative Writing from London Middlesex University.
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