Cumberland Building Society business banking review
Cumberland Building Society is a UK-based mutual financial institution offering savings accounts, mortgages, and business banking services. Unlike traditional high-street banks, it is a member-owned organisation focused on regional financial services with a community-driven approach.
Key features of Cumberland Building Society
1. Business and personal current accounts
- Tailored business banking: Supports local businesses with dedicated financial solutions.
- FSCS protection up to £85,000: Ensures deposit security.
- Branch and online banking: Offers in-person support alongside digital services.
- Business debit card: Available for managing everyday expenses.
2. Savings accounts
- Instant access savings: Allows flexible withdrawals with competitive interest rates.
- Fixed-term savings: Higher interest rates for long-term deposits.
- Cash ISAs: Tax-free savings options.
- Children’s savings accounts: Encourages early financial planning.
3. Mortgages
- Residential mortgages: Fixed and variable rate options for homeowners.
- Buy-to-let mortgages: Designed for landlords and property investors.
- Self-build mortgages: Specialised lending for property development.
- Holiday let mortgages: Unique offering for individuals financing short-term rental properties.
4. Business banking services
- Commercial mortgages: Funding for business property purchases.
- Business lending: Loans tailored to SME growth and development.
- Farm finance: Specialised agricultural lending for rural businesses.
5. Customer support and accessibility
- Local branch network: Strong presence in northern England and southern Scotland.
- Online and mobile banking: Provides digital convenience with in-branch support.
- Dedicated relationship managers: Personalised financial advice for business and mortgage customers.
Cumberland Building Society fees and pricing
1. Business account fees
- No monthly account fee for some business accounts.
- Transaction fees: Charges apply for certain transactions, including international payments.
- Overdraft fees: Interest rates vary based on borrowing needs.
2. Savings account fees
- No maintenance fees.
- Early withdrawal penalties apply on some fixed-term savings products.
3. Mortgage and lending fees
- Arrangement fees: Typically charged based on loan type.
- Early repayment charges: Applicable on fixed-rate mortgages.
- Commercial loan fees: Custom pricing based on business requirements.
Pros and cons of Cumberland Building Society
Pros
- Strong regional presence with local customer service.
- Specialist mortgage products, including holiday let and self-build options.
- FSCS protection for eligible deposits.
- Business banking services tailored for SMEs and rural businesses.
- Personalised customer service with dedicated advisors.
Cons
- Limited nationwide reach, primarily serving northern England and southern Scotland.
- Fewer digital banking features compared to larger high-street banks.
- Transaction fees apply for certain business banking services.
- Branch-dependent services, with some products requiring in-person visits.
How Cumberland Building Society compares to competitors
| Feature | Cumberland Building Society | Nationwide Building Society | Yorkshire Building Society | Coventry Building Society |
|---|---|---|---|---|
| Business banking | Yes | Limited | Limited | No |
| Savings accounts | Yes | Yes | Yes | Yes |
| Mortgage options | Yes | Yes | Yes | Yes |
| Holiday let mortgages | Yes | No | No | No |
| Online banking | Yes | Yes | Yes | Yes |
| FSCS protection | Yes (£85,000) | Yes (£85,000) | Yes (£85,000) | Yes (£85,000) |
| Ideal for | Local businesses, homeowners, savers | Nationwide banking | Homeowners, savers | Mortgage customers |
Who should use Cumberland Building Society?
- Homeowners and property investors: Offers competitive mortgage products.
- Local businesses and SMEs: Provides tailored business banking solutions.
- Savers seeking flexible options: Includes instant access and fixed-term savings accounts.
- Agricultural and rural enterprises: Specialised financial products for farming and countryside businesses.
Our verdict
Cumberland Building Society is a regionally focused mutual institution offering savings accounts, mortgages, and business banking. Its specialist mortgage products, strong community engagement, and personalised customer service make it an excellent choice for homeowners, savers, and SMEs in northern England and southern Scotland.
However, its limited digital features and regional focus may not suit those needing nationwide access or high-tech banking services. For those seeking a trusted local banking partner, Cumberland Building Society provides a reliable and community-driven alternative to high-street banks.