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.
Limited Access ISA offers a highly competitive interest rate and allows you to access your savings up to three times a year, without charge. We’ve designed this flexible cash ISA for your tax-free savings allowance for this tax year and future tax years and, if you wish, you can transfer in any previous years’ ISA savings.
|£0.01 plus without bonus||1.15%||1.15%||1.14%|
|£0.01 plus with bonus||1.44%||1.44%||1.43%|
If you choose annual interest.
The interest rate with the bonus is currently 1.44% tax-free p.a./AER. This includes a 0.29% tax-free p.a./AER fixed bonus until 31 January 2021 only. From 1 February 2021, 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 1.43% tax-free p.a./1.44% AER. This includes a 0.29% tax-free p.a./AER fixed bonus until 31 January 2021 only.
From 1 February 2021, 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 annually at the end of 31 January, 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.
The interest rate includes a fixed bonus of 0.29% tax-free p.a./AER until 31 January 2021 from when the account is opened. The underlying interest rate (this is the interest rate without the bonus) is variable, so it can go up or down at any time.
After 31 January 2021, 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, as well as how and when we’ll let you know, see our Saving Accounts Terms and Conditions (section 4).
|When bonus period finishes (after 17 months)||One year later (after 29 months)|
This would be the balance when the bonus period finishes (including bonus interest) and one year later if £1,000 was paid in on 1 September 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 to open and manage
How to put money into your account
For the current tax year the annual ISA allowance is £20,000.
You can take money out of your account up to three times a year without having to pay a charge. From the fourth withdrawal onwards, you’ll receive a charge equal to 50 days’ interest based on the amount you’re withdrawing. The charge will be deducted from the balance of the account, at the time of the withdrawal. Each ‘year’ in this case starts on the anniversary of the day you opened the account.
How to take money out of your account
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 account, so we may stop accepting applications at any time.
* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year
For full details, please see the Specific Terms for Limited Access ISA and our Saving Accounts Terms and Conditions.
A flexible ISA
This ISA is flexible 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 Limited Access ISA. Find out more about how flexible ISAs work.
How to keep track of your account
If you choose not to have a passbook, we’ll issue you with a statement within a month of any money leaving your account. But don’t worry, we’ll never send you more than one statement a month.
If you choose to have a passbook and keep it updated, this will be your record of all transactions instead of a statement. If your passbook isn’t updated, we’ll issue you with a statement within a month of any money leaving your account.
You can receive your statements by post. Or, if you use Online Services, you can go paperless and we’ll send you reminders to view your statements.
If you change your mind
You have a 14 day cancellation period after you make your first payment into a Limited Access ISA. If you wish, you may change your mind and close the ISA within 14 days without notice, charge or loss of interest. 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, ask at any branch, call us on 0800 121 8899 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.
If you’re not happy with our service
Please let us know. We take care to deal with problems quickly, thoroughly and fairly. You can ask us for a copy of our leaflet ‘What to do if you have a complaint’ which explains the steps we follow when someone reports a problem.
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
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.