Your eligible deposits with Coventry Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.
For joint accounts eligible deposits are protected up to £170,000.
We calculate the interest daily and pay it annually, at the end of 31 March.
Interest can be added to the account or paid into another suitable account.
The interest rate is variable, so it can go up or down at any time.
For more details about why we may change the rate, as well as how and when we’ll let you know, see our Saving Accounts Terms and Conditions (section 4).
This would be the balance after 12 months if £1,000 was paid in on 1 April, all interest was paid back to the account annually, there was no change to the interest rate and no money was taken out or paid in.
This ISA is for the additional allowance you’ve gained because your deceased spouse or civil partner held ISA savings with us.
How to open
How to put money in
You’ll need to fill in an Additional Allowance ISA paying-in form every time you put money in.
How to manage
The amount you can save in your Additional Allowance ISA depends on the date your partner passed away and the amount of ISA savings they held with us. If your partner passed away between 3 December 2014 and 5 April 2018, the amount you can pay into your Additional Allowance ISA is equal to the amount of ISA savings your partner held with us, plus any interest earned at the date of their death. If your partner passed away on or after 6 April 2018, the amount you can pay into your Additional Allowance ISA is based on the amount of ISA savings they held with us. This can be the highest amount at either:
Your subscription limit is determined at the time you open your ISA and can’t be changed.
Your additional allowance doesn’t affect your annual ISA allowance.
This is an easy access account.
How to take money out
Additional Allowance ISA is not a flexible ISA
Interest on ISAs is paid tax-free, that is gross with no tax deducted. ISAs are a savings scheme initiated by the Government and are subject to change by them. For example the favourable tax treatment may not be maintained.
*AER stands for Annual Equivalent Rate and shows what the interest rate would be if it was paid and added each year.
An ISA is an account that allows you to save money and earn interest without having to pay tax on the interest you earn, up to a maximum limit (allowance). If your spouse or partner passes away and they had an ISA, you’ll be entitled to their ISA allowance up to the amount of money they had in their ISA.
The ISA allowance doesn’t mean that you inherit the money in your partners ISA, it is the additional allowance that will be registered in your name. This is in addition to your own ISA allowance. Any money you save in this account will count towards your inherited ISA allowance. You can’t replace any money you take out. You can only use up your remaining allowance.
Remember, after you’ve opened an Additional Allowance ISA, you can transfer your personal ISA savings to another provider but you can’t transfer your Additional ISA allowance.
Money paid into an Additional Allowance ISA does not affect your personal ISA allowance.
How to keep track of your account
We’ll issue you with a statement by post within a month of any money leaving your Additional Allowance ISA account. But don’t worry, we’ll never send you more than one statement a month.
If you change your mind
You have a 14 day cancellation period after you make your first payment into an Additional Allowance ISA. If you wish, you may change your mind and close the ISA within 14 days and it will be treated as if you never had the ISA, so you’d still be able to pay some/all of your annual ISA allowance into another cash ISA in this tax year.
To do this, call us on 0800 121 8899 or write to us at: Head Office, Oakfield House, PO BOX 600, CV3 9YR.
Not sure what to do?
We’re keen to help you make the right choice – have a chat with our specialists at any branch or by calling 0800 121 8899.
If you’re not happy with our service
Please let us know. We take care to deal with problems quickly, thoroughly and fairly. If you’re still not satisfied when we’ve finished our complaints procedure, you can take your complaint to the Financial Ombudsman Service. For more information about the Ombudsman Service, visit their website: financial-ombudsman.org.uk
We believe in being open and honest. We want you to make an informed choice. That’s why we've built this tool to help you compare our accounts with other providers.
This tool uses the latest data from moneyfacts.co.uk, an independent comparison service. Moneyfacts aim to include at least 95% of providers of UK-based personal savings accounts.
What’s missing? Our tool omits any accounts with special conditions for opening (for example, you have to already hold an account with the provider).
Remember: there’s more to a savings account than just the interest rate. You can compare access terms, how to pay in and other criteria – then make your own mind up.