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.
Do you want a market leading tax-free rate of interest and easy access to your money through Online Services?
We’ve designed this straightforward flexible cash ISA for your tax-free allowance for this tax year, as well as future tax years. And you can also transfer in any previous years’ ISA savings.
|£0.01 (no bonus) plus||1.15%||1.15%||1.14%|
|£0.01 (bonus) plus||1.50%||1.50%||1.49%|
If you choose annual interest
The interest rate with the bonus is currently 1.50% tax-free p.a./AER. This includes a 0.35% tax-free p.a./AER fixed bonus until 31 July 2020 only. From 1 August 2020, the account will earn the interest rate without the bonus, currently 1.15% tax-free p.a./AER variable.
If you choose monthly interest
The interest rate with the bonus is currently 1.49% tax-free p.a./1.50% AER. This includes a 0.35% tax-free p.a./AER fixed bonus until 31 July 2020 only. From 1 August 2020, the account will earn the interest rate without the bonus, currently 1.14% tax-free p.a./1.15% AER variable.
We calculate interest daily and pay it either annually at the end of 31 July, or monthly, at the end of the last day of each month. Interest can be added to the account or paid into another suitable account.
The interest rate includes a fixed bonus of 0.35% tax-free p.a./AER until 31 July 2020 from when the account is opened. The underlying rate (this is the interest rate without the bonus) is variable, meaning we can increase or decrease it at any time.
After 31 July 2020, the fixed bonus period will end and your rate will change to the underlying variable interest rate (currently 1.15% tax-free p.a./AER for annual interest,1.14% tax-free p.a., 1.15% AER for monthly interest.)
For more details about why we may change the underlying rate, and how we’ll let you know about a change, see section 4 in our General Investment Terms and Conditions booklet.
When bonus period finishes (after 17 months) £1,021.38
One year later (after 29 months) £1,033.13
This would be the balance when the bonus period finishes (including bonus interest) and one year later if £1,000 was paid in on 1 March 2019, 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 illustration is just an example to help you compare accounts. It does not take into account any individual circumstances.
How to open and manage
How to put money into your account
The minimum balance is £1
You can pay in up to your annual ISA allowance each tax year, depending on any money you may have already paid into other types of ISA (e.g. stocks and shares). For the 2018/2019 and 2019/2020 tax years the ISA allowance is £20,000.
This is an easy access flexible ISA, so you can take money out whenever you wish by ISA transfer or by using our Online Services.
How to take money out of your account
Interest on ISAs is paid tax-free, that is without 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.
This account is a limited issue, so we may stop accepting applications at any time.
*AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added each year.
For full details, please see the Specific Terms for Easy Access ISA (Online) and our General Terms and Conditions.
This is a flexible ISA so you can take money out and put it back in later, without it counting any further towards your annual ISA allowance, as long as you pay the money back in before the end of the same tax year. If you’ve created a flexible ISA allowance on another ISA, you can’t transfer this allowance to Easy Access ISA (Online). For more details about how flexible ISAs work, visit www.coventrybuildingsociety.co.uk/changes-for-savers
How to keep track of your account
We’ll email you within a month of any money leaving your account, to let you know that your statement is ready to download. You can still ask for a statement at any time. Just pop into a branch or call us and we’ll send you one by post.
If you change your mind
You have a 14 day cancellation period after you make your first payment into an Easy Access ISA (Online). 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 or write to us at Oakfield House, PO Box 600, Binley Business Park, Coventry 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. You can also find more information on our website: thecoventry.co.uk
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.