ISAs - Tax-free savings

Every tax year you get an allowance – a certain amount of money that you can pay into your ISA. This year you can pay in up to £20,000, no matter how much you paid in last year. And of course it’s always tax free. If you need to get set up with a new account, take a look at our ISAs.
What’s so great about Individual Savings Accounts (ISAs)?

With an ISA, you pay zero tax on the interest you earn. So every penny is yours to keep.

You can open an ISA if you’re over 16 and a UK resident or Crown Servant (or their spouse/civil partner). A junior ISA is for anyone aged under 18. 

They’re separate from your Personal Savings Allowance

So if you’re a basic rate tax payer, you can earn up to your £1,000 interest in savings accounts without paying tax whilst you’re earning tax-free interest from your ISA.

Find out more about your Personal Savings Allowance

We only offer Cash ISAs at Coventry Building Society

But there are 4 types of ISAs to save in-

  • Cash ISAs
  • Stocks and shares ISA
  • Lifetime ISAs
  • Innovative Finance ISAs
How much can I add each year?

You can pay in up to the annual ISA allowance each tax year.

For the 2023/2024 tax year the adult ISA allowance is £20,000. For junior ISAs it's £9,000.

ISA transfers

How to move your ISA savings from another provider to a Coventry ISA

You can transfer in savings from another ISA with the Coventry or with another provider. Depending on the Specific Terms for the Coventry ISA you want to transfer to, these savings may be from the current tax year and/or from previous tax years.

If you want to transfer your cash ISA savings for the current tax year...

Under ISA rules you’ll need to transfer them in full.

If you want to transfer ISA savings from previous tax years...
If that’s allowed for the ISA you want to transfer to, you can transfer ISA savings from previous years in full or in part. And you can transfer previous years' ISA savings from more than one ISA. If you've created a flexible ISA allowance, you can't transfer the allowance to another ISA.

What you need to do

Before you ask for a transfer into your Coventry ISA, make sure you check the terms and conditions of the ISA you're transferring from and to (in case, for example, there are restrictions or charges). Then ask us to arrange the 'ISA transfer' for you. 

You can arrange a full or part ISA transfer from another organisation using Online Services. You can also complete an internal ISA transfer online too. If you can’t access Online Services, or you’d like to do a part internal transfer, you can call us or come into a branch to ask us to do it for you.

What happens next?

When we get your transfer request, our ISA transfer team will contact your current ISA provider and arrange the transfer. We'll then write to you to confirm your savings have been moved to your Coventry ISA.

Please allow up to 7 business banking days (Monday to Friday, not including bank holidays) for a cash ISA transfer to be completed and 30 calendar days for a stocks and shares ISA transfer.

If you’ve any questions about transferring, just contact us.


How to move your ISA savings from the Coventry to a new ISA provider
It’s easy - just tell your new provider that you want to make an ISA transfer and they’ll let you know what you need to do. 
We'll usually move your savings within five days
Whenever we receive a request to transfer your ISA funds to a new ISA provider, we'll complete the ISA transfer and send your savings to them within five business banking days of getting the request. It can take up to 7 days to complete the transfer.
Remember, you can’t transfer a flexible ISA allowance to another provider
If you create a flexible ISA allowance, it only applies to that ISA. If you transfer the ISA to another provider and close the account, you lose any flexible ISA allowance you've created. 
If your ISA is flexible

Most of our variable rate ISAs are flexible. That means you can take money out and then replace it in the same tax year. And it won’t count towards your annual allowance of £20,000 for the current tax year.

So let’s say, for example, that at the beginning of the tax year, you took £15,000 out of your ISA. This would mean that up until the end of 5 April, you’d be allowed to pay in up to £35,000 (the £15,000 you took out, plus your annual ISA allowance of £20,000).

Be aware though: you can’t transfer any flexible allowance to another organisation.

If you have a Coventry fixed rate ISA, it isn't flexible. That’s because our fixed rate ISAs aren't designed for regular payments and withdrawals.

If you're not sure whether your ISA is flexible, just call us or ask at any branch.

Paying in to a Coventry ISA 

How can I pay into my Coventry ISA?

Depending on which Coventry ISA you have, you can make payments in the usual ways – online, by sending us a cheque in the post, or by cash or cheque in a branch.

If you don't pay into your ISA for one tax year or more, it becomes inactive. That means you won't be able to pay into it and any payments you make will be returned to you.  We'll need to re-register your inactive ISA. Just give us a call on 0800 121 8899 or pop into a branch.

Even if your ISA is inactive, your money will still be earning tax free interest. 

Paying into your account

Want help?
Our help section is bursting with useful information. If you'd rather chat, just give us a call.


Call us on 0800 121 8899

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Want help?
Our help section is bursting with useful information. If you'd rather chat, just give us a call.


Call us on

0800 121 8899

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