You'll lose any ISA allowance that you don't use in the current tax year. You are not able to carry forward any unused ISA allowance from previous tax years. This means if you add £17,000 to your ISAs this year (and have £3,000 left in your allowance), you can still only add £20,000 in the next tax year, not £23,000.

Yes, you can open and pay into multiple cash ISAs for the current tax year across multiple ISA providers, up to your overall ISA limit (£20,000 for 2024/2025). However, you can only pay into one cash ISA with Coventry Building Society in the same tax year. If you only subscribe some of your overall ISA allowance to other ISA providers in the current tax year, you can pay in your remaining allowance into an ISA with us.

Remember, all subscriptions must remain within the £20,000 ISA limit.

If you pay into a cash ISA with us it becomes 'active', and you cannot pay into another Coventry Building Society cash ISA in the same tax year. Unless you complete an ISA transfer of all your current years' funds to the new account.

Depending on which tax band you’re in you could be paying tax on your savings interest. However saving money in an ISA is completely tax-free. Learn more about your Personal Savings allowance to understand how this can affect you.

Yes, ISA savings are separate from your Personal Savings Allowance. So if you’re a basic rate taxpayer, you can additionally earn up to your £1k interest from your non-ISA savings accounts, without paying tax.

 

Learn more about Personal Savings Allowance here.