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Easy Access ISA (Online) (2)


£{{interestEarned}} 1.50 {{headlineSup}} question-mark
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Tax-free^ p.a./AER*
Variable
Rate includes a fixed 0.35% tax-free p.a./AER bonus until 31 August 2020 only.
Our  joint market leading flexible cash ISA - with easy access and tax-free interest. The variable rate after the bonus drops off is currently 1.15% tax-free p.a./AER
FSCS logo
Your savings are protected

Your eligible deposits with Coventry Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.

For joint accounts eligible deposits are protected up to £170,000.

Please click here  FSCS protect  (PDF 3.7MB) for further information or visit www.fscs.org.uk

Do you want a joint market leading tax-free rate of interest and easy access to your money through Online Services?

We’ve designed this highly competitive flexible cash ISA for your tax-free allowance for this tax year, as well as future tax years. And you can also transfer in any previous years' ISA savings.

 

Summary box


Account name
Easy Access ISA (Online) (2)
What is the interest rate?
  Annual interest
(Variable)
Monthly interest
(Variable)
Balance Tax-free^p.a./AER* AER* Tax-free^p.a.
£0.01 no bonus plus 1.15% 1.15% 1.14%
£0.01 with bonus plus 1.50% 1.50% 1.49%

If you choose annual interest

The interest rate with the bonus is currently 1.50% tax-free p.a./AER. This includes a 0.35% tax-free p.a./AER fixed bonus until 31 August 2020 only. From 1 September 2020 the account will earn the interest rate without the bonus, currently 1.15% tax-free p.a./AER variable.

If you choose monthly interest

The interest rate with the bonus is currently 1.49% tax-free p.a./1.50% AER. This includes a 0.35% tax-free p.a./AER fixed bonus until 31 August 2020 only. From 1 September 2020, the account will earn the interest rate without the bonus, currently 1.14% tax-free p.a./1.15% AER variable.

 

We calculate the interest daily and pay it either annually at the end of 31 August, or monthly, at the end of the last day of each month. Interest can be added to the account or paid into another suitable account.

Can Coventry Building Society change the interest rate?

The interest rate includes a fixed bonus of 0.35% tax-free p.a./AER until 31 August 2020 from when the account is open. The underlying rate (this is the interest rate without the bonus) is variable, meaning we can increase or decrease it at any time.

After 31 August 2020, the fixed bonus period will end and your rate will change to the underlying variable interest rate (currently 1.15% tax-free p.a./AER for annual interest,1.14% tax-free p.a., 1.15% AER for monthly interest).


For more details about why we may change the underlying rate, and how we’ll let you know about a change, see section 4 in our Saving Accounts Terms and Conditions booklet.

What would the estimated balance be after 16 months and 28 months based on a £1,000 deposit?

Estimated balance when bonus period finishes (after 16 months)  £1,020.13

Estimated balance one year later (after 28 months) £1,031.86

 

This would be the balance when the bonus period finishes (inlcuding bonus interest) and one year later if £1,000 was paid in on 1 May 2019, all interest was paid back to the account annually, there was no change to the interest rate and no money was taken out or paid in.

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
    When you apply for the account, you must provide us with a valid email address.
  • You must be aged 16 or over and a UK resident.

How to put money into your account

  • Pay in cash or cheques in a branch
  • Post us a cheque
  • Set up transfers from an account with another bank or building society, or another account with us
  • You can transfer in current and/or previous year's ISA savings using an ISA transfer. If you're transferring in your current years' savings, then you must transfer all of it. If you're transferring from another ISA with us please contact us.
  • The minimum balance is £1

You can pay in up to your annual ISA allowance each tax year, depending on any money you may have already paid into other types of ISA (e.g. stocks and shares).

For the 2019/2020 tax year the ISA allowance is £20,000.

 

Can I withdraw money?

This is an easy access flexible ISA account. You can take money out whenever you wish by ISA transfer or by using Online Services.


How to take money out of your account

  • ISA transfer to another Coventry Building Society ISA or to another ISA provider, without losing your tax-free status. If you're transferring to another ISA with us, please contact us.
  • Send money to your named bank/building society account
  • Transfer money to another account with us.
Additional information

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, so we may stop accepting applications at any time.

 

*AER stands for Annual Equivalent Rate and shows 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 (Online) (2) and our Saving Accounts Terms and Conditions.

A flexible ISA
This is a flexible ISA 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 (Online) (2). For more details about how flexible ISAs work, visit www.coventrybuildingsociety.co.uk/changes-for-savers.

How to keep track of your account
We’ll email you within a month of any money leaving your account, to let you know that your statement is ready to download. You can still ask for a statement at any time. Just pop into a branch or call us and we’ll send you one by post.

If you change your mind
You have a 14 day cancellation period after you make your first payment into an Easy Access ISA (Online) (2). 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 still be able to pay some/all of your annual ISA allowance into another cash ISA in this tax year.To do this call us (see back cover) or write to us at Oakfield House, PO Box 600, Binley Business Park, Coventry CV3 9YR.

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 take care to deal with problems quickly, thoroughly and fairly. 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.

Ways to apply

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We believe in being open and honest. We want you to make an informed choice. That’s why we've built this tool to help you compare our accounts with other providers.

This tool uses the latest data from moneyfacts.co.uk, an independent comparison service. Moneyfacts aim to include at least 95% of providers of UK-based personal savings accounts.

What’s missing? Our tool omits any accounts with special conditions for opening (for example, you have to already hold an account with the provider).

Remember: there’s more to a savings account than just the interest rate. You can compare access terms, how to pay in and other criteria – then make your own mind up.

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