Additional Allowance ISA

Rate
0.45%
Tax-free p.a./AER
(Variable)

Tax free - Interest which is paid that is exempt from tax. 

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year. 

A fixed rate doesn't change. A variable rate can go up or down.

Access

Yes

Restrictions apply 

Interest paid

Annually

Deposits

Dependant on individual circumstances

Additional Allowance ISA

0.45%
Tax-free p.a./AER (Variable)

Tax free - Interest which is paid that is exempt from tax. 

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year. 

A fixed rate doesn't change. A variable rate can go up or down.

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Account overview

 

Age requirement icon
Tax free icon
Access icon
Variable rate icon
Interest paid icon
Flexible ISA icon
Previous years ISA transfer
Paying in icon

Summary box

Account name

Additional Allowance ISA

What is the interest rate?

  Annual interest
(Variable)
Balance Tax-free^ p.a./AER*
£0.01 plus 0.45%

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.

Can Coventry Building Society change the interest rate?

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 booklet (section 4).

What would the estimated balance be after 12 months based on a £1,000 deposit?

£1,004.50

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 illustration is just an example to help you compare accounts. It does not take into account any individual circumstances.

How do I open and manage my account?

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

  • To open the account you must send the application to us by post
  • Order a pack online or on the phone 
  • You must be aged 16 or over and a UK resident
  • You must have been living with your spouse or civil partner at the time of their death

How to put money in
 

You’ll need to fill in an Additional Allowance ISA paying-in form every time you put money in.

  • Pay in cheques by post
  • Write to us to arrange a transfer from another Coventry Building Society account. With our Additional Allowance ISA, it’s not possible to transfer in any allowance you have from another bank or building society
  • All money must be paid in within either three years from the date your spouse or civil partner passed away, or 180 days after administration of the estate is completed, whichever is later. (If your spouse or civil partner died between 3 December 2014 and 5 April 2015, the three years started on 6 April 2015.)
  • All money paid in is treated as previous years’ ISA subscriptions for all ISA purposes
  • You can’t transfer in previous years’ ISA savings or any of your personal ISA allowance

How to manage

  • By post
  • The minimum balance is £1

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:

  • the date of their death, or
  • the date their ISAs with us are closed, the date of the administration of their estate is complete or on the third anniversary of their death, whichever is earliest

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.

 

How to keep track of your account

We’ll post you a statement within a month of any money leaving your account (but we won’t send more than one a month).

Can I withdraw money?

This is an easy access account.

How to take money out

  • Ask for an ISA transfer to another ISA held with us or another ISA provider
  • Write to us to and ask for a cheque

Additional Allowance ISA is not a flexible ISA

Additional information

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.

 

Application checklist

checklist
Must be a UK resident
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Be at least 16 years old
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Your Coventry account number 
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Your bank or building society account
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National insurance number
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Have read the following documents 
Ready to open an account?

Additional Allowance ISA

Want help?
Our help section is bursting with useful information. If you'd rather chat, just give us a call.

 

Call us on 0800 121 8899

Lines open
  • Mon-Fri 8am-7pm
  • Saturday 9am-2pm
  • Sunday & Bank holidays Closed
Call us

Want help?
Our help section is bursting with useful information. If you'd rather chat, just give us a call.

 

Call us on

0800 121 8899

Call us