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 Opens new website in another window.
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 Opens new website in another window.
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 Opens new website in another window 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 Opens new website in another window website.
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 0845 766 5522.
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).