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Your annual statement of account(s) explained

Below you’ll find a link showing an example of this year’s annual statement, which looks different from previous years. And alongside the statement, there’s an explanation of what the various headings and figures mean.

Annual statement (PDF 144KB)
Annual statement offset only (PDF 123KB)

If there’s anything you don’t understand, you might find the answer you’re looking for in the information below. If you’re still not sure about anything, please call our Customer Service Centre on 0800 121 8899, or contact any branch or agency – our staff will be happy to help. Alternatively, if you’re registered for Online Services, you can login and send us a secure message.

Your account number and account name

You’ll find listed on your statement all your Coventry Building Society account numbers together with the names of your accounts.

Why are some of my accounts missing from my statement?

This could be because of small differences in the spelling of your name or address when your account was originally opened. You should receive a separate statement for the missing account(s) soon. If this is the case, please contact us and we can change our records so that in future you only receive one statement for all of your accounts.

Why have I received more than one statement this year?

Trustee, Power of Attorney and corporate accounts always receive separate statements for each account held.

You may also receive more than one statement if there are small differences in the spelling of your name or address when your account was originally opened. If this is the case, please contact us and we can change our records so that in future you only receive one statement for all of your accounts.

 

Why are closed accounts included in my statement?

Your annual statement details all the accounts you held during the tax year 2016/2017, even if you closed one during this time. This is so that you have all the information about your Coventry Building Society accounts, in case you need to complete a tax return.

I need a duplicate copy of my statement, what should I do?

Call us on 0800 121 8899 or visit any branch or agency to order a copy.

I need an amended statement as there’s a spelling mistake in my name

We’re sorry if we’ve got something wrong. Please call us on 0800 121 8899 or visit any branch or agency. We’ll correct the mistake and then send you a new statement.

Along with my own personal accounts, I also have Trustee, Power of Attorney and corporate accounts

If you’re a trustee or you have Power of Attorney, you’ll always receive a separate statement for any account on which you’re named. Corporate accounts always receive separate statements as well. In addition, you’ll also receive a separate statement for your own personal accounts that you hold with us.

Interest

Interest payments

For most accounts, the interest payment date is shown in the account description. For example:

    123456789 – Family Saver

    This account is registered for interest Annually to be paid on 1 August 2017

If the interest payment date or frequency is not shown, please see the Specific Terms for that account.

If interest is paid to another account with us, it will be available on the next calendar day. If interest is paid to another bank/building society account, it will reach that bank or building society by no later than the end of the next business banking day following the interest payment date.

Why is the interest paid showing as zero, or no figure has been included?

Although you earn interest on a daily basis, it’s not paid until the interest payment date. Your statement only includes interest that’s been paid between 6 April 2016 and 5 April 2017.

If you have an Offset Savings account your statement will show zero interest. Your Offset savings are linked to your Offset mortgage to reduce the mortgage interest you pay. This is called the Offset benefit. You’ll see the Offset benefit on your mortgage statement.

Why have I earned less than a whole year’s interest?

Your statement only shows interest paid into your account between 6 April 2016 and 5 April 2017. A full year’s interest won’t be shown if:

  • You opened your account less than 12 months ago and your interest is paid on the anniversary of the date you opened your account.
  • The interest payment date for your account is less than 12 months after the date you opened it. For example: on 1 September 2016 you opened a Fixed Rate Bond that pays interest annually on 31 December, therefore your statement will only show the interest paid for the four months from 1 September 2016 to 31 December 2016. The next interest payment on 31 December 2017 will be for a full 12 months, and will show on your 2018 annual statement.

Interest on ISAs

Interest on ISAs is paid tax-free and is listed separately from ‘Your Personal Totals’ as this doesn’t count towards your Personal Savings Allowance.

Your rate of interest as at 5 April 2017

Your statement includes the actual interest rate we pay you for each account you hold with us, based on your balance(s) at 5 April 2017.

How much interest can I earn before tax is deducted?

Since 6 April 2016 all interest is paid without tax deducted. If your taxable income is less than £16,500 you won’t need to pay any tax on your savings interest. If you’re a basic rate tax-payer your Personal Savings Allowance is £1,000. This means you can earn up to £1,000 interest on all your non-ISA accounts that you hold with banks and building societies, without paying tax. If you’re a higher rate tax-payer your Personal Savings Allowance is £500.

If I have to pay tax, how is it collected?

If the interest you earn in a year on your non-ISA accounts is more than your Personal Savings Allowance, HMRC will normally collect the tax by changing your tax code. If you fill in a Self-Assessment tax return, you should carry on doing this as normal.

I need to pay tax, what information do I need to include on my tax return?

You only need to include the figures shown in ‘Your Personal Totals’ section. These totals are specific to you and don’t show any interest paid on ISAs, which is excluded from your Personal Savings Allowance, or any interest paid to other joint account holders. That information is included on the joint account holder’s statement.

I usually receive a Section 975 Tax Statement, but I haven’t received one this year, why?

Since 6 April 2016 all interest is paid without tax deducted, therefore we no longer send out Section 975 Tax Statements. However, if you need a Section 975 Tax Statement for a period prior to 6 April 2016 then let us know and we’ll arrange to send one to you. 

Joint accounts

How is interest divided for joint accounts?

Interest is divided equally between each account holder and this split is shown on your statement. Where the interest includes an odd number of pence, such as £24.53, the extra penny is paid to the first named account holder.

As my joint account is now in my sole name, why is the other joint account holder still listed on my statement?

Your statement lists everyone associated with the account during the tax year 6 April 2016 to 5 April 2017. We include this so that you have all the information about your Coventry Building Society accounts.

A joint account holder has passed away, so why are they are still listed on my statement?

Your statement lists everyone associated with the account during the tax year 6 April 2016 to 5 April 2017. The deceased account holder’s share of the balance earns interest until their name is removed from the account. We include this so that you have all the information about your Coventry Building Society accounts.

ISAs

Inactive ISAs

An ISA becomes inactive if you don’t pay in for a whole tax year or more. This doesn’t mean your account is closed. The ISA continues to earn tax-free interest and you can still make withdrawals. However, if you want to make further subscriptions, you may need to re-register it first, if the terms of your account allow this. Contact us and we’ll check it for you.

Re-registering an inactive ISA

To re-register an inactive ISA call us on 0800 121 8899 or visit any branch or agency.

What is a flexible ISA?

If you have a flexible ISA you can take money out and put it back 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. Nearly all our variable rate ISAs are flexible. If your ISA is flexible, this is confirmed on your statement.

If you take money out from previous years’ ISA savings you create a ‘flexible allowance’. You can replace this if you wish, however, you must do so before the end of the current tax year because on 6 April every year, your flexible ISA allowance will be reset at zero.

I’m a Registered Contact for a Junior Cash ISA

If you’re named as a Registered Contact on a Junior Cash ISA, the balance of the account and interest earned will appear at the end of your statement. These accounts don’t form part of your personal balance because the money is being held on behalf of the child.

Junior Cash ISA statement

A Junior Cash ISA won’t appear on a child’s statement if there’s an adult Registered Contact for the account; it appears on the Registered Contact’s statement instead.