Until 5 April 2016, UK banks and building societies took 20% tax off your interest before you received it, unless the account was an ISA or you've registered a form R85 to have your interest paid gross. If you have a low income, you may qualify to pay some tax at 10% and so may be able to claim a tax rebate from HM Revenue and Customs.
From 6 April 2016, all banks and building societies have stopped taking tax from the interest paid on non-ISA savings and current accounts. We've explained more about this here: Changes for savers
How do I find out if I'm eligible for a tax rebate and if I'm eligible, how can I claim my rebate?
To find out if you're eligible and to find out how to make a claim, please read the information on the HMRC website: go to www.gov.uk and type 'tax rebate' in the search box.
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) Opens new website in another window or the Financial Conduct Authority (FCA) Opens new website in another window 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 0800 121 8899.
Alternatively, you can find more information through the following links:
The Financial Conduct Authority (FCA): www.fca.org.uk Opens new website in another window
The Financial Ombudsman Service: www.financial-ombudsman.org.uk Opens new website in another window
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 14 May 2015)
|Insufficient funds charge
We apply this charge if you have insufficient available funds to pay a Direct Debit, standing order or one-off electronic payment.
|£8 up to and including 13 May 2015
£5 from 14 May 2015
|Withdrawals from LINK cash machines
|Monthly authorised overdraft usage fee
This fee only applies to Coventry First accounts. We charge this fee if your account exceeds your interest free overdraft but remains within your authorised overdraft limit.
|Monthly unauthorised overdraft usage fee
This fee only applies to Coventry First accounts. We charge this fee if your account exceeds your authorised overdraft limit. Have a look here for some examples of when we charge this fee.
|£25 up to and including 13 May 2015
£10 from 14 May 2015
|Charge for making withdrawals from Visa and PLUS cash machines abroad
||2% of sterling transaction value
We 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 then charge 2% of the sterling transaction value.
|Charge for Debit Card purchases abroad
||2% of sterling transaction value
We convert the amount of the transaction to 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 the sterling transaction value.
Where charges are made for 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.
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 Opens new website in another window 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.
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).
Tax Identification Numbers (TINs)
If you're a tax resident of another country in the European Union and not sure where to find your Tax Identification Number (TIN), this table lists the format of these numbers and which documents show them:
Tax Identification Numbers (PDF 150KB)Opens in new window.