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Managing your account

If you've got a question about managing your account, we've put some useful information all in one place to help.

Using your account

How do I keep track of the interest rate on my savings?

There are a number of ways you can keep track of the interest rate paid on your account:

  • By looking at the interest rates section on this website.
  • By phoning our 24 hour self-service telephone service on 0845 766 5522.
  • By calling into one of our branches where current rates of interest are always on display.

Why do I need to set up Security Details?

If you telephone us about your account or use Online Services we will need to ask you for your Security Details. These will help us to identify you when we are not speaking to you face to face. If you have not already set up your security details please call us.

How do I close my account?

Depending on the type of account you have, you may be able to close your account online, by calling our customer service centre, by sending your written instructions by post or by visiting your local branch or agency. If you are unable to close an account online, you'll see a message confirming this.

lf you would like more information about our range of savings accounts, please call our Customer Service Centre.

What do I do if a relative with a Coventry account has died?

Please write to us at the address below with the details of the account holder, enclosing a certified copy of the death certificate or the original death certificate.

Coventry Building Society
FREEPOST CV24
Customer Service Centre - Investments
Coventry CV1 5BR

What is my "nominated account" and how can I change it?

Your nominated account is the account you choose as the main destination for any withdrawals you make, or to pay interest to. You can select any account you hold with the Coventry, or any other UK based account you hold, as your nominated account.

The first time you make a withdrawal to your nominated account online we will send a letter to you to confirm the details of this account.

If you want to change your nominated account please contact us.

How do I update my personal details?

If you use Online Services simply login to update your phone number(s) and email address. If you do not use Online Services call us or visit your local branch to update your details.

If you need to notify us of a change of address please call us or visit your local branch. You can't notify us of a change of address online.

How can I add someone else onto my savings account?

To add someone onto your savings account please contact our Customer Service Centre or visit one of our branches who will be able to advise you.

Can I use my card abroad?

Yes, you can use your Visa debit or cash card to withdraw cash from cash-machines abroad displaying the LINK or PLUS logos, and you can use your Visa debit card to pay in shops, restaurants and anywhere else which accepts Visa payments.

If you want to use your card abroad, you need to contact us no more than two weeks before you go with the details of where you're going and the dates you're away. To let us know:

  • Call us on 0845 766 5522
  • Come into any branch
  • Log into Online Services and send us a secure message with details of your trip

If you don't tell us you're abroad, your card won't work when you're away. (This is part of our fraud prevention measures.)

If your cards are lost or stolen, call us straight away on 0845 766 5522. If you're outside the UK, call +44 24 7655 5255. Our advisors are available Monday to Friday 8am-8pm, Saturday 9am-5pm and Sunday 10am-4pm. Our 24 hour self-service telephone option is also available 24 hours a day, 365 days a year.

What are the charges for using my card abroad?

Our charges for using your card abroad to withdraw money or make a payment in a currency other than pounds sterling:

Visa debit card Cash card
Withdrawal from Visa or PLUS cash machines abroad 2% of the sterling value of the transaction 2% of the sterling value of the transaction
Card purchase abroad 2% of the sterling value of the transaction n/a

We don't charge an additional cash fee for using a LINK or PLUS cash machine abroad.

For cash withdrawals and Visa card purchases abroad, we convert the amount of the transaction in pounds sterling on the date we take it out of your account at the wholesale rate of exchange applied by Visa. We then charge 2% of this sterling transaction value. You can find out today's Visa exchange rate here at the Visa website*: Visa exchange rate calculator

Example: withdrawing €100 using your Visa debit or cash card:

Visa debit card Cash card
Withdrawal from Visa or PLUS cash machine abroad €100 €100
Visa wholesale exchange rate €1 = £0.79** €1 = £0.79**
Converted to pounds sterling £79 £79
2% of the sterling value of the transaction £1.58 £1.58
Amount show on your statement £80.58 £80.58

Example: spending €100 using your Visa debit card:

Visa debit card
Visa card purchase abroad €100
Visa wholesale exchange rate €1 = £0.79**
Converted to pounds sterling £79
2% of the sterling value of the transaction £1.58
Amount show on your statement £80.58

There's no charge for using your card when you're away if the area uses pounds sterling, for example the Isle of Man, the Channel Islands and Gibraltar.

*The Coventry is not responsible for the content of external websites.
**The Visa exchange rate used here applied on 25 July 2014.

Should I pay in pounds sterling when I'm abroad?

It depends. When you're abroad, some shops, services and cash-machines might offer to make your card transaction in pounds sterling rather than the local currency. It's up to you to decide whether to allow the retailer/machine to do the conversion for you immediately (Dynamic Currency Conversion, 'DCC') or pay in local currency and we'll convert it for you. If you choose to pay using DCC, it's in pounds sterling so we process it like a normal UK transaction.

Will paying by DCC be cheaper?

Paying by DCC might cost you more, less, or the same as paying in local currency. It depends on what the retailer/machine is charging - they can choose any exchange rate, and they may also charge a commission fee.

How can I avoid paying by DCC?

If you want to avoid DCC and instead have us make the conversion for you, tell the retailer that you want to pay in local currency before you hand them your card. If you're using a cash-machine, read the screen carefully to make sure it hasn't got DCC selected by default (if it has, you should be able to de-select it).

ISA limits

What are the 2014/2015 ISA limits?

ISAs

On 1 July 2014, ISAs were reformed into a new simpler product, the 'New ISA' (NISA) with an overall shared limit for cash and stocks and shares. The NISA limit is £15,000 and you have the option to save your whole NISA allowance in cash, stocks and shares, or any combination of the two.

So, if you hold a Privilege ISA, ISA Reward or Branch Instant ISA, and you haven't invested in a stocks and shares ISA in this tax year, you can deposit up to the maximum subscription of £15,000 into your account.

Please remember that if you continue to make deposits into your Coventry cash ISA in the current tax year, you won't be able to make a deposit into another cash ISA in the same tax year, unless you choose to transfer all of your current year's subscription(s) to that ISA.

Junior ISAs

On 1 July 2014 the Junior ISA investment allowance increased to £4,000, and this limit can be divided between a junior cash ISA and a junior stocks and shares ISA.

How to top up your ISA to £15,000 from 1 July 2014

There are several ways you can top up your ISA, to ensure you make the most of your increased annual allowance. Remember, if you haven't paid into your ISA during the 2013/2014 tax year, you will need to contact us before you send any money, so that we can re-activate your ISA first.

Transferring funds from your bank or building society

You can set up a transfer with your bank/building society so that your money is automatically transferred to your ISA. To do this, please quote the following information:

Coventry Building Society, HSBC, Corporation Street, Coventry
Sort code: 40-63-01
Your 8 digit account number, as shown in your account details. Please note as some correspondence might show a 9 digit number, simply omit the first digit when quoting your account number.

It is important you check with your bank/building society when the transfer will be received by us.

If you would like to make a payment by CHAPS, please contact us for details.

Transferring money from another Coventry account


You can also set up an internal transfer from another suitable Coventry account, so that the money will automatically transfer on 6 April. Depending on the terms and conditions of your account, you can do this by phoning our Customer Service Centre, contacting your local branch or agency, or if you have access, by logging in to our Online Services.

Cheques

You can post a cheque to the address below. Please make your cheque payable to you, the account holder, and remember to include your account number on the front of your cheque, alongside your name. Do not make cheques payable to the Society. Please note FREEPOST is delivered by Royal Mail as second class post.

Coventry Building Society,
FREEPOST CV24, Savings Operations,
Coventry CV1 5BR

Alternatively, you can pay in cheque(s) at a branch or agency.

Cash


You can pay in cash or cheques at any branch or agency.

Moving your money around

What are the Coventry Building Society's banking details?

Electronic payments

To arrange an electronic payment to your Coventry savings account or set-up a standing order payment to your Coventry account please use these details:

Coventry Building Society - HSBC, Corporation Street, Coventry
Sort Code: 40-63-01
Account number: Please quote the last eight digits of your account number

CHAPS payment or Telegraphic Transfer (your bank or building society may charge you for this service).

If you need to arrange a CHAPS payment or Telegraphic Transfer please use these details:

Coventry Building Society - HSBC, Corporation Street, Coventry
Sort code: 40-18-17
Account number: 51172859.
Reference: The full nine digits of your Coventry account number.

SWIFT

It may take up to 6 weeks for funds to be available in your Coventry account if sent by SWIFT. Your bank or building society may charge you for this service. If you are sending funds to your Coventry account from abroad using SWIFT, please use these details:

HSBC Coventry CV1 1QJ
SWIFT code: MIDLGB22
Sort code: 40-18-17
Account number: 51172859
Reference: The full nine digits of your Coventry account number.
IBAN number: GB88MIDL40181751172859 (An IBAN number is not always required)

How do I order a cheque?

To order a cheque from your account, please contact our Customer Service Centre or visit one of our branches. They will let you know if this service is available on your account and if so arrange for a cheque to be issued. Please have the details of the exact amount and the payee to hand when you get in touch.

Who do I make a deposit cheque out to and where do I send it?

If you are making a deposit by cheque please make it payable to whoever is named on the savings account.

Cheques should be made payable to the account holder, with the receiving account number and should be crossed 'Account Payee'. You do not need a paying in slip to make a cheque deposit.

Please post your cheque to:

Coventry Building Society
FREEPOST CV24
Customer Service Centre - Investments
Coventry CV1 5BR

Please note that FREEPOST is delivered by the Post Office as second class post.

When will my cheque show on my account and be available to withdraw?

When you pay a cheque into your account it will first appear in your 'Account balance' and start to earn interest immediately. Once the cheque is available for withdrawal it will appear in the 'Available balance' for your account. You can check both balances online when you login to Online Services.

Below is an example of how the Cheque Clearing Cycle works

Pay in cheque
(start earning interest)
Cheque
processed
Withdraw
money*
Certainty
of fate
Tuesday   Wed Thurs Fri Mon   Tuesday   end of Wednesday
Day 0   1234   5   6

*Cheques paid into Coventry First, our current account, will be available for withdrawal one day earlier.

Industry minimum standards provide you with certainty that a cheque paid into your account is yours after 6 days ('certainty of fate').

Using the example above, the end of Wednesday, day 6, is the last day that a cheque paid into your account could be debited from your account without your permission.

There may be certain legal or other limited circumstances where these standards cannot be applied and where payment or non-payment of a credited cheque may be delayed or even prevented.

When will payments arrive?

Electronic withdrawals

Your money will usually arrive at the receiving bank on the next business banking day (Monday - Friday excluding public holidays) after you instruct us. Future dated payments will be processed on the date you requested or if this is a non-business banking day we will process the payment on the next business banking day. Your account will be debited when we process your payment.

Internal and regular transfers between Coventry accounts

Internal transfers between Coventry accounts will normally be processed immediately. Your account will be debited when we process your payment.

Standing orders

Standing orders will be processed on the date you requested. If your payment is due on a non-business banking day we will send it on the next business banking day. Your account will be debited when we process your payment.

Direct Debits

Direct Debits are only collected by the originator (that is the company you are making the payment to) on business banking days. If your payment is due on a non-business banking day the originator may choose to collect it on the next business banking day.

When will my payments be processed?

External payments

For one-off external payments, your money will arrive at the recipient's bank no later than the next business banking day after you instruct us to make the payment.

For future dated payments we process them on the date you requested or, if this is a non-business banking day, they will be processed on the next business banking day.

Internal transfers between Coventry accounts

Internal transfers between Coventry accounts will normally be processed immediately. Future dated transfers will be processed on the date you request.

If you believe that you have sent a payment to the wrong recipient, you should contact us immediately.

If you try to make a payment when you don't have funds available to pay it, we may refuse to make the payment and you might incur a charge.

When do funds need to be in my account to make a payment?

For standing orders, direct debits and future dated one-off electronic payments, you must have cleared funds available in your account to make the payment no later than 2pm on the day the payment is due to be made. For standing orders, if you pay the funds in after 2pm on the date the payment is due, the payment may be made the following business banking day. For future dated one-off payments and direct debits, they will only be paid if you have sufficient available funds in your account by 2pm on the day the payment is due. If you try to make a payment when you don't have funds available to pay it, we may refuse to make the payment and you might incur a charge.

What if I don't have enough funds in my account to make an external payment?

If you think you might have insufficient funds in your account to make a payment, you can:
  • Transfer in by making a Faster Payment from another bank or building society
    Please allow two hours for the payment to reach your account.

  • Pay in cash at any branch
    The amount will be added to your balance immediately.

  • Transfer from another Coventry account
    Internal transfers between Coventry accounts will normally be processed immediately.

What should I do if I think a payment has gone to the wrong recipient?

If you believe that you have sent a payment to the wrong recipient, you should contact us immediately.

How do I change or cancel a standing order or Direct Debit?

You can change or cancel a standing order online up to the business banking day before the payment is due to leave your account.

To cancel or change a Direct Debit you will need to contact the originator (that is the company you are making the payment to).

If you don't have access to our Online Services please contact our Customer Service Centre or visit one of our branches.

To set up a new standing order or regular transfer between Coventry accounts other than your own, please contact our Customer Service Centre or visit one of our branches.

Please remember Direct Debits can only be set-up by the company that you are making a payment to.

Why is my available balance not the same as the account balance?

The available balance on your account is the balance available for you to withdraw. If you have a current account it will also include the value of your overdraft.

Your account balance is a running balance and anticipates any payments waiting to be credited or debited from your account.

For more information have a look at when will my cheque show on my account and be available for me to withdraw.

What if there are insufficient funds in my account to make a payment?

We will not be able to carry out your instructions if there are insufficient funds in the account at the time we process your transaction.

If this happens we will contact you by secure message or write a letter to you to tell you that we were unable to carry out your instructions.

You will incur a charge of £8 each time we are unable to carry out your instructions due to insufficient funds in your account. If you have asked for a Direct Debit to be paid from your account, you may incur multiple charges if the originator tries to claim the payment more than once.

How do I provide notice to make a without charge withdrawal or to close it?

Depending on your account you can add notice by either writing to us, visiting one of our branches or you can login to Online Services. Simply, provide details of the account and when you want the notice period to start.

What if I don't recognise a transaction on my statement?

If you do not recognise a transaction on your online statement or your paper statement, please contact us immediately.

Can I use my CashLink (ATM)/Debit card abroad?

Yes, if your CashLink (ATM)/Debit card has the PLUS logo on the back it can be used at cash machines abroad wherever you see the Visa or PLUS logo.

If you're planning a trip overseas, please phone us before you go, so that we can activate your card for the duration of your visit. You'll need to contact us no more than two weeks before you travel, with details of your destination(s) and the dates you'll be away.

If you do not tell us about your trip abroad, you will not be able to use your card and your transaction will be declined.

If you forget to contact us before you leave the UK, you can phone us using the contact number on the back of your CashLink (ATM)/Debit card.

This is an additional security measure to safeguard your card and prevent fraudulent transactions overseas.

Members rights

Members rights

When you open your first investment share account with us you automatically become a member of the Society. Membership gives you certain rights, like voting on business matters and raising questions at our Annual General Meeting.

To be entitled to vote, on the voting date you must be age 18 years or over and have total savings balances of at least £100 (at the previous 31 December). For joint account holders only the first named account holder can vote, subject to the same criteria set out above. As you can choose the order in which names appear on your account, it makes sense to consider this before you open your account. Every named account holder of a joint account can attend the AGM. Membership rights are fully explained in the Rules.

General investment terms & conditions

Read more about our General investment terms and conditions below:

Have a look at our General investment terms and conditions and other useful information (28 page PDF).

Have a look at our General investment terms and conditions (Issue B) (24 page PDF).

Important information

10% tax rebate

Interest paid on savings accounts normally have 20% income tax taken off before it is paid. If you are on a low income you may qualify to pay some tax at 10% and so be able to claim a tax rebate from HM Revenue and Customs.

How do I find out if I am eligible?

To find out if you are eligible, please see the information on the HMRC website.

If I am eligible, how can I claim my tax rebate?

If you think you've paid too much tax on your savings interest you may be able to claim it back. To do this you'll need to fill in a R40 Tax Repayment Form. You'll have to do this for each year you think you paid too much tax.

For information about timings and to download the form, please visit the HMRC website.

Compensation scheme

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with the building society, including their share of any joint account, and not to each separate account.

For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please ask at your local branch or call us on 0845 766 5522, refer to the FSCS website www.FSCS.org.uk or call the FSCS on 0800 678 1100. Please note only compensation related queries should be directed to the FSCS.

Depositors not covered by the scheme include:

  • Large companies, partnerships or mutual associations
  • Local, provincial or municipal authorities
  • Credit institutions or overseas financial services institutions
  • Operators or trustees of a collective investment scheme
  • Pension and retirement funds or trustees of such a fund
  • Supranational institutions
  • Government, or central administrative authorities
  • Persons whose claim arises from transactions relating to conviction they have received for money laundering

Further details of exclusions from FSCS cover can be found on the Financial Conduct Authority website.

Bank charges ruling

Seven banks and a building society were engaged in a High Court test case with the Office of Fair Trading (OFT) to decide the legality of unauthorised overdraft charges.

The Court issued its judgement on the first stage of the test case on 24 April 2008. Two main points were covered in this initial judgement. Firstly, it allowed the OFT to assess the banks' current terms and conditions for fairness under the Unfair Terms in Consumer Contract Regulations (1999). Secondly, the judge found that none of the banks' current terms and conditions were capable of being a penalty under common law - and that they were written in broadly understandable language.

In May 2008 the judge granted the banks permission to appeal his decision on whether the terms could be assessed for fairness. The banks decided to do so and the outcome of this appeal was announced in February 2009. The Court of Appeal held that the banks' charges could be assessed for fairness by the OFT, but granted the banks permission to appeal this decision to the Supreme Court.

On 25 November 2009 the Supreme Court announced that the charges in question were not assessable for fairness under Regulation 6 of the Unfair Terms in Consumer Contracts Regulations (1999). This means the banks have won their appeal and the test case has concluded.

The Supreme Court have decided it is not necessary to make any reference to the European Court of Justice.

As previously agreed with the Financial Ombudsman Service and the Financial Services Authority, customer complaints relating to unauthorised overdraft charges remained on hold for the duration of the test case. As the test case has now concluded, the Financial Services Authority has agreed that these complaints should no longer remain on hold.

Please refer to the British Bankers' Association (BBA) or the Financial Conduct Authority (FCA) websites for further information.

Please note: the Financial Conduct Authority (FCA) took over the OFT's responsibility for consumer credit regulation from 1 April 2014.

What is happening to customer complaints about unauthorised overdraft charges?

If you have a new complaint about unauthorised overdraft charges it will be handled under our standard complaints process. We have a responsibility to take account of individual circumstances, so if you feel you are experiencing serious financial difficulties please write to us at the following address:

Customer Relations Department, PO Box 600, Binley, Coventry, CV3 9YR.

Can I complain to the Financial Ombudsman Service about my bank charges?

Yes, you can refer your complaint to the Financial Ombudsman Service (FOS) providing you have exhausted the Society's internal complaints procedure.

Where can I find out more?

You can contact us by calling us on 0845 766 5522.

Alternatively, you can find more information through the following links:

The Financial Conduct Authority (FCA): www.fca.org.uk

The Financial Ombudsman Service: www.financial-ombudsman.org.uk

Admin charges

For services outside the normal operation of your account we make certain charges to cover the administration costs involved. We will let you know the charge for any other service before we provide that service to you. You can also check current charges with your local branch or by contacting us.

Current charges (effective 01 May 2013)

Service Charge
Insufficient funds available to pay a standing order or one-off electronic payment. £8.00
Insufficient available funds to pay a Direct Debit £8.00
Low balance transaction charge.
Charged when the balance falls below £100 on the following accounts:
BranchSave MoneyManager (passbook)
BranchSave Instant (passbook)
Investment Account
Branch MoneyManager (Passbook)
£1 per day for counter withdrawals
50p per day for standing orders and Direct Debits
(this charge is not applied to account closures or transfers to other Coventry accounts)
Withdrawals from LINK cash machines Free
Although we will not make a charge, you may be charged by other organisations when using their cash machines
Monthly authorised overdraft usage fee.
This applies to accounts where overdrafts are permitted and will be charged if your account exceeds any interest free overdraft amount (where applicable) but remains within your overdraft limit
£5.00
Monthly unauthorised overdraft usage fee.
This applies to accounts where overdrafts are permitted and will be charged if your account goes overdrawn and you do not have an agreed overdraft limit, or if your account exceeds your overdraft limit
£25.00
Withdrawals from VISA and PLUS cash machines abroad.
We will convert the amount of the withdrawal to pounds sterling on the date we take it out of your account at the wholesale rate of exchange applied by VISA. We will then charge 2% of the sterling transaction value
2.00%
Debit card purchases abroad.
We will convert the amount of the withdrawal to pounds sterling on the date we take it out of your account at the wholesale rate of exchange applied by VISA. We will then charge 2% of the sterling transaction value
2.00%

Where charges are made for low balance transactions, returned cheques, unpaid standing orders and Direct Debits, they will appear automatically in your passbook or statement. We will deduct the full amount of the charge from your account even if there are insufficient funds in your account to cover this charge. This may result in your account becoming overdrawn. All account holders will be responsible for any debt incurred in this way, the full amount of which must be repaid to the Society.

If we increase any of our charges we will notify you at least 2 months before the change comes into effect. Where we make a charge as a result of our error, we will of course cancel, waive or refund the charge.

Dormant bank accounts

Across the UK a large number of customers have savings accounts with various banks or building societies that they may have forgotten about.

We're working with the Building Societies Association and British Bankers' Association as part of an industry wide initiative to help customers find their lost accounts. So if you think you have old, lost or forgotten savings, we may be able to help you find them.

If you are searching for an account on behalf of a deceased or incapacitated person, you will need to be legally empowered to do so.

To begin your search, all you need to do is either:

  • Go to www.mylostaccount.org.uk and complete the Reclaim Funds online process. This website can be used to search for lost accounts at any bank, building society or national savings account.
  • Or alternatively, if it is a lost Coventry account, come into one of our branches or call us and ask a member of staff for a Reclaim Funds form.
  • Any money in these accounts will always belong to the account holder or their estate, no matter how many years pass.

Please note that reclaiming funds may change your tax status, contact HMRC for further information.

Charitable Assignment Scheme

On 3rd November 1998, we introduced a new condition as part of the declaration for new customers opening savings accounts. We introduced this condition to avoid disruption to our normal business caused by the actions of speculators whose main objective in opening accounts is to receive windfall conversion payments.

Every new customer opening an account that provides membership of the Society, must agree to assign any windfall conversion benefits to which they may become entitled, to the Coventry Building Society Charitable Foundation for a period of five years from the date the account is opened.

The Coventry Building Society Charitable Foundation, which was established in 1998, is a registered charity, a majority of whose trustees are independent of Coventry Building Society. It provides financial assistance in the form of grants to registered charities operating within the area served by our branch network.

If you were an existing member on 2nd November 1998, this condition does not apply to any new accounts you open after this date (as long as you remain a member).

^Interest on ISAs is paid tax-free, that is gross with no tax deducted.

Coventry Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (firm reference number 150892 www.fca.org.uk). This site is intended for UK residents only. Coventry Building Society. Registered Office: Economic House, PO Box 9, High Street, Coventry CV1 5QN.

Our advisors are available Monday to Friday 8am-8pm, Saturday 9am-5pm, Sunday 10am-4pm, telephone self-service is available 24 hours a day, 365 days a year. Contact your service provider for details of call charges, as costs may vary. Find out why we use an 0845 number. To maintain a quality service, calls made to and from Coventry Building Society may be monitored and recorded.