An ISA 'matures' when it reaches the end of its fixed rate term.
Your matured ISA savings will then stay tax-free as long as you keep them in an ISA. This could be either one (or more) of the new fixed rate ISAs we offer you on maturity or another ISA you transfer the funds into.
The interest earned on your maturing ISA doesn’t count towards your ISA allowance.
When we send your re-investment options, we’ll let you know if your re-investment fixed rate ISA(s) allow top-ups.
You might be able to pay in up to your current tax year’s ISA allowance into one new ISA and/or transfer in previous years’ ISA savings into one or more ISAs we offer to you. If you pay in current year’s ISA savings, the amount you can pay in depends on any money you’ve already paid into other types of ISA (e.g. stocks and shares) in the same tax year.
Remember, you can only pay current year's ISA savings into one cash ISA in each tax year.
If you’re transferring in current year’s ISA savings from another ISA, you’ll need to do this in full. If you’re transferring in previous years’ ISA savings from another ISA, you can do it in full or in part.
If you’re paying in some or all of your current tax year’s ISA allowance into a re-investment ISA, you'll need to complete the "Re-Register Your ISA To Top Up For The Tax Year 2022/2023" form we sent in your maturity pack to re-register your account, before you deposit any funds. You can also re-register your account by phone or at any branch after your ISA matures.
Depending on the terms of the new ISA you want to transfer to, you can transfer some or all of your money to a different ISA (cash, stocks and shares, lifetime, or innovative finance) with us or another provider. At the moment, we only offer cash ISAs.
To make sure your savings don’t lose their tax-free status, you’ll need to contact the new provider to ask for an ‘ISA transfer’. If they ask us to make a transfer within 21 days of maturity, any usual charges to withdraw from or close the ISA won't apply.
After this time, you might need to provide notice (check the Specific Terms for your new fixed rate ISA to see if this applies) or pay a charge to transfer to another ISA. Depending on the Specific Terms of your new fixed rate ISA, you might only be able to close it in full after the 21 days following maturity.
You can withdraw your ISA savings, or transfer them to an account which isn’t an ISA with the Coventry or another UK bank/building society. But be aware that if you do this, the money you withdraw will lose its tax-free status.
If you want to withdraw or transfer any money after maturity, any charges to withdraw from or close the ISA won’t apply after the 21 days following maturity.
After this time, you may need to provide notice (see the Specific Terms for your new fixed rate ISA to see if this applies) or pay a charge to withdraw money or transfer it to a non-ISA account. Depending on the Specific Terms of your new fixed rate ISA, you might only be able to close it in full.
We’ll write to you at least 14 calendar days before your re-investment ISA(s) mature with details of your re-investment options.
At maturity, unless you’ve told us otherwise, your savings in the re-investment ISA will be automatically re-invested into another ISA. You’ll have the option to withdraw some or all of your savings without charge in the 21 calendar days after the maturity date.
Read more about the other ISAs we’re currently offering: Cash ISAs
If you’ve any other questions about ISAs, give us a call on 0800 121 8899. You can also log in to Online Services and send us a secure message.
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