We calculate the interest daily and pay it annually, on the anniversary of the date you opened the account, 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.

Important note - from 2 December 2024, the variable interest rate on this account will decrease to 2.95% tax-free p.a./AER for annual interest, or 2.95% AER, 2.91% tax-free p.a. for monthly interest. 

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).

£1,029.50

This would be the balance after 12 months if £1,000 was paid in, all interest was paid back into 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.

This illustration is calculated based on a variable interest rate of 2.95% tax-free p.a./AER, which is the annual interest rate effective from 2 December 2024.

Eligibility

• You must be at least 18 years old and a UK resident
• You must provide us with your National Insurance Number.

How to apply for this account

• Online.

When you apply for the account, you must provide us with a valid email address.

How to manage and keep track of your account

• Register and use Online Services
• Register and use our app.

How to put money into your account 

• Pay in cash or cheques in a branch.
• Post us a cheque.
• Set up transfers from an account with another bank or building society or another account with us. To do this you will need the last 8 digits of your account number and sort-code 40-63-01.
• You can transfer in current and/or previous years’ ISA savings using an ISA transfer. If you’re transferring in your current years’ savings then you must transfer all of it.
• The minimum balance is £1.
• You may 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 current tax year the ISA allowance is £20,000.

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.

This is an easy access flexible ISA, so you can take out money whenever you wish by logging into Online Services.

How to take money out of your account

• Arrange an ISA Transfer to another provider, without losing the tax-free status of your savings; contact them to arrange this.
• To transfer ISA funds to another Coventry Building Society ISA, without losing the tax-free status of your savings, go online, call us, or pop into a branch.
• Pay money to another Coventry Building Society account online.
• Pay money to another Coventry Building Society account in your name via our app.
• Pay money to your Named Bank Account online or via our app.

If you change your mind, you have a 14-day cancellation period after you make your first payment into an Easy Access ISA (Online) (5). Day 1 starts from the day you make your first payment into the account, so if you did this on the first of the month, your cancellation period would finish on the 15th day of the month. 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.

This account is a limited issue account, so we may stop accepting applications at any time.

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.

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