Brexit | Savings help | Coventry Building Society

We use cookies to ensure that we give you the best browsing experience on our website. This includes cookies from third party analytics providers to help us understand how you use our site so we can continually improve. You can delete and block cookies, but parts of our site won't work without them. For example, you won’t be able to apply for an account or use Online Services.

If you’d like to find out more about how we use cookies view our Cookie Policy.

To find out more about how we look after your data view our Privacy Notice.

Home

Brexit - how will it affect us?

What’s happening?

In January 2020, the UK left the European Union (EU) and entered the ‘transition period’ which gave the UK and the EU time to negotiate their future relationship.

The transition period is now at an end and the UK is no longer part of the European Union (EU). Unfortunately, we now know that from 1 January 2021, some British banks and building societies will no longer be able to offer bank accounts to customers living in certain countries within the European Economic Area (EEA).

To date, the Netherlands and Italy have both confirmed that UK financial institutions like Coventry Building Society cannot continue to service their existing customers who live in those countries.

What will change?

We’re still waiting for the majority of EEA countries to announce their intentions and we won’t know the exact details until the individual regulators have made their position clear. As we learn more, we’ll find out if we can still provide accounts to members living in the EEA.

As the new regulations are announced, we’ll keep this page updated and write to any of our members who will be affected by the changes. And if you have any concerns in the meantime, please get in touch.
The Dutch National Bank and Banca D’Italia have already published statements confirming that UK financial institutions won’t be able to provide current or savings accounts to customers living in the Netherlands or Italy from 1 January 2021.

We’ve written to members who live in the Netherlands and Italy asking them to transfer their money to another provider and close their accounts with us before the deadline.

For customers in the Netherlands, the deadline is 31 March 2021.

For customers in Italy, the deadline is 30 April 2021.

Do you live in the Netherlands or Italy?

Unfortunately if your main residence is in the Netherlands or Italy, then from 1 January 2021 we won’t be able to provide you with your account any longer.

If you already hold an account with us, we've sent you a leaflet with all the information you need. If you haven’t received it or you can’t find it, contact us and we can send you another copy – or we can talk you through what you need to do.

If you live in the Netherlands: you need to close your accounts and transfer your savings to an account with another provider by 31 March 2021. You can use your accounts as usual until they’ve been closed, or until the deadline.
If you live in Italy: you need to close your accounts and transfer your savings to an account with another provider by 30 April 2021. You can use your accounts as usual until they’ve been closed, or until the deadline.
If you don’t close your accounts by the deadline, we’ll have to close them for you. You’ll then need to contact us and tell us where you’d like us to transfer your money to.
You won’t be able to use Online Services once your accounts have been closed.

Remember to:

Redirect any regular payments in and out of your Coventry account to an account with a different provider.
Download any statements you want to keep while you still have access to Online Services.
If the account you hold with us is an ISA, ask your new provider for an ‘ISA transfer’ so that your money keeps its tax-free status.

How to close your account

Log in to Online Services – if you’re registered and it’s possible for your account, go to the account and select ‘Close account’
Call us – if you’re outside of the UK use +44 2476 555 255 and 0800 121 8899 from within the UK. Check below for our current opening hours and make sure you have your Telephone Security Details to hand
Visit a branch if you’re in the UK and you’re able to
Write to us – at FREEPOST CBS CUSTOMER SERVICE

It’s important that you write the address exactly like this, in capital letters and all on one line. You don’t need a stamp. Royal Mail delivers Freepost as second class mail.

If you live outside of the UK, we enclosed a pre-paid envelope in the letter we sent you.

When you write to us, make sure you include the account number and tell us what you’d like us to do with any money left in the account. Don’t forget to sign the letter.

You may be able to keep your accounts open, if:

Our records are incorrect and you have an address in the UK which is your main residence
You’re moving back to the UK from the Netherlands before 31 March 2021
You’re moving back to the UK from Italy before 30 April 2021

So, if the address we hold for you in the Netherlands or Italy needs to be changed to a UK address, call us as soon as possible and we’ll do our best to help.