Our Easy Access ISA (5) is a cash ISA which allows you to save tax-free within your allowance each year.
If you open this ISA in a branch, you can request a passbook so you can easily pay in and make withdrawals at any branch.
Account Summary -
Easy Access ISA (5)The Financial Conduct Authority is a financial services regulator. It requires us, the Coventry, to give you this important information to help you decide whether our Easy Access ISA (5) is right for you. You should read this document carefully so that you understand what you're buying, and then keep it safe for future reference.
What is the interest rate?
Effective from 1st December 2016
We calculate the interest daily and pay it annually, at the end of 31 March. Interest can be added to the account or paid away.
Can Coventry Building Society change the interest rate?
The interest rate is variable so we can increase or decrease the rate at any time.
For more details about why we may change the rate, and how and when we'll let you know about a change, see section 11 in our General Investment Terms and Conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit?
This would be the balance after 12 months if £1,000 was paid in on 1 April, all interest is paid back into the account, there was no change to the interest rate and no money was taken out or paid in during the year.
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?
How to open and manage:
- Online Services
- Telephone Services
- By post
- At a branch (to manage your account this way, you'll need to ask us for a passbook)
You must be aged 16 or over and a UK resident
How to pay in
- By cash or cheque at a branch
- Post us a cheque
- Set up transfers from an account with another bank or building society or another Coventry account
- By ISA transfer
- You can't transfer in previous years' ISA savings
- You may transfer in ISA savings from this tax year. To transfer your cash ISA savings for the current tax year, you must transfer them in full
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 a stocks and shares ISA and/or innovative finance ISA. For 2016/2017 tax year, the allowance is £15,240
This is an easy access flexible ISA, so you can take money out at any time
How to withdraw
- ISA Transfer to another Coventry ISA or to another ISA provider, without losing your tax-free status
- Transfer to your nominated bank account
- Request a transfer to another Coventry account
- Request cheques by post
- If you choose to have a passbook, you'll also be able to withdraw in cash and by cheque at a branch, and transfer to any other UK-based 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 account, so we may stop accepting applications at any time.
*AER stands for Annual Equivalent Rate and illustrates 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 (5) and our General Investment Terms and Conditions.
A flexible ISA
This ISA is flexible 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 (5). For more detail about how flexible ISAs work, ask us or visit thecoventry.co.uk/changes-for-savers
If you change your mind
You have a 14 day cancellation period after you make your first payment into an Easy Access ISA (5). 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 be able to pay some/all of your annual ISA allowance into another cash ISA this tax year.
To close the account, ask us at any branch, call us on 0800 121 8899 or write to us at: Head Office, Economic House, PO Box 9, High Street, Coventry, CV1 5QN.
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 sort out most problems fairly and quickly. 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
Your savings are protected
Since 1884, we've been a strong, reliable and stable organisation to save with. Your eligible deposits with Coventry Building Society are protected up to a total of £75,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the £75,000 limit are unlikely to be covered. Ask us for more information or visit the FSCS website: fscs.org.uk
Coventry Building Society, Registered Office: Economic House, PO Box 9, Coventry, CV1 5QN