ISA FAQs

What’s an ISA – how do ISAs work?

An ISA is a tax-free savings account for UK residents aged 16 or over. The Government initiated the ISA scheme to encourage people to save. Children under 18 can also open a junior ISA.

With an ISA, all the interest you earn is tax-free but there's a limit on how much you can pay in each tax year. For the 2022/2023 tax year, the adult annual ISA allowance is £20,000. For junior ISAs, the allowance is £9,000.

More about ISAs

How do I move my ISA savings to a Coventry ISA?

To move ISA savings from another ISA into your Coventry ISA without the money losing its tax-free status, you need to ask us for an 'ISA transfer'. You can do this through Online Services, call us on 0800 121 8899 or ask at any branch

If you open a new ISA you will have had the option to do this during the account opening process.

Before you request a transfer, check the terms and conditions of the ISA you’re transferring from and to in case there are restrictions or charges.

ISA transfers

How can I move my money with an ISA transfer?
An ‘ISA transfer’ is a special way to move ISA savings from another ISA into your Coventry ISA without the money losing its tax-free status. You can do this through Online Services, or call us or ask at any branch for an ‘ISA transfer’.
I haven’t paid into my Coventry ISA for one tax year or more. Can I still use it?

Under HMRC rules, an ISA will become 'inactive' at the end of the tax year if you haven't paid in any money which counts towards your annual ISA allowance during that tax year.

The money saved in the inactive ISA continues to earn tax-free interest. If the inactive ISA is flexible, you can still take money out of your previous years' ISA savings, and pay back in up to your flexible ISA allowance.

If you'd like to use your ‘inactive’ Coventry ISA for your current year's ISA allowance (and the account terms allow it), we'll need to re-register it for you. Contact us to find out what's possible, and to re-register if applicable.

Find out more

When a fixed ISA comes to the end of its term

What happens when my fixed rate ISA comes to the end of its term?

The ‘term’ is the length of time we pay you the fixed rate of interest. When your fixed rate ISA comes to the end of its term, you can choose what you’d like to do with your savings.

We’ll send you all the information you need at least 14 days before your fixed rate ISA comes to the end of its term. The pack we send you will include details of how you can re-invest your savings with us, withdraw some or all of your money, or transfer your money to another provider.

What are my options?

At the end of the term, you could re-invest some or all of your savings into another ISA (either with us or with another provider), withdraw some or all of your money, or close your account.

Depending on the Specific Terms of your ISA, you may also be able to add more money, transfer your savings to a different type of ISA, or move your savings to a non-ISA.

Will you offer me a new fixed rate ISA?

When we write to you, we’ll give you several options to choose from if you’d like to re-invest your money with us.

The default option – Option A on your Maturity Instructions form – will be another fixed rate ISA with similar terms to your current ISA. If you want to re-invest all your money into this new ISA without adding any additional savings to it, there’s nothing you need to do. If we don’t hear from you, we’ll automatically re-invest your savings and let you know when it’s done.

What if I don’t want to invest in the default option you’ve offered me?

You can choose to re-invest your savings in any of the options we’ve given you. Or you can take a look at all the cash ISAs we have available. 

If you’d like to do anything other than re-invest all of your savings into Option A on the form, you’ll need to fill in the Maturity Instruction form included in your pack and send it to us.

If you have any questions, or need any help deciding what to do, just call our UK-based Customer Service Centre on 0800 121 8899 or pop into any branch. We’ll be happy to help.

Do I need to send my Maturity Instruction form back?

You only need to fill in the Maturity Instruction form and send it back to us if you’d like to do anything other than re-invest all your savings into Option A on the form. If we don’t hear from you, we’ll automatically re-invest your money and let you know when it’s done.

If you’d like to re-invest into a different option, add more savings, withdraw some or all of your money or close your account, fill in the Maturity Instruction form and/or the ‘Re-Register Your ISA To Top Up For The Tax Year 2022/2023’ form and send it back to us.

How can I make sure that my ISA savings stay tax free?

As long as you keep your money in an ISA, it’ll continue to stay tax free. When your current ISA comes to the end of its term, you can transfer your money into one of the new fixed rate ISAs we offer you, into a different ISA with us or into an ISA with a different provider.

If you want to transfer your savings into an ISA with a different provider, you must ask them for an ‘ISA transfer’ otherwise your savings will lose their tax-free status.

If you transfer some or all of your ISA savings into a non-ISA, your money will lose its tax-free status.

Can I add my current and/or previous years’ ISA savings to a new ISA?

Maybe, but it depends what we offer you at the end of your fixed rate period. 

You  might be able to pay up to your current tax year’s ISA allowance into one new ISA and/or transfer in previous years’ ISA savings into one or a combination of the cash ISAs we offer you. When we send you your re-investment options, we’ll let you know if top-ups are allowed.

Important to know:

  • Different types of ISA – cash, stocks and shares, lifetime, and innovative finance – are available from other providers. At the Coventry, we only offer cash ISAs.
  • You can only pay in to one type of ISA in each tax year. 
  • You can split your ISA allowance between different types of ISA, but only up to your ISA limit each year. So, the amount of the current year’s ISA allowance you can pay in to your cash ISA depends on how much you’ve paid into other types of ISA in the same tax year.
  • If you’re transferring your current year’s ISA savings, you must transfer it in full. If you’re transferring previous years’ ISA savings, you can transfer it in full or in part.
  • If you’re paying some or all of your current tax year’s ISA allowance into a re-investment ISA, you’ll need to re-register the ISA that’s coming to an end before you pay in any money.
  • The interest earned on the ISA that’s coming to an end doesn’t count towards your current ISA allowance.

If you have any questions about re-investing, or topping up your ISA, call us on 0800 121 8899 or pop into any branch. We’ll be happy to help.

How do I re-register my ISA?

If you’re paying some or all of your current tax year’s ISA allowance into a re-investment ISA, you’ll need to re-register the ISA that’s coming to an end before you pay in any money.

You can do that by phone or at any branch in the month that your fixed rate period is due to end. Or fill in the ‘Re-Register Your ISA To Top Up For The Tax Year 2022/2023’ form enclosed in the pack we send you.

If you have any questions about re-investing, or topping up your ISA, call us on 0800 121 8899 or pop into any branch. We’ll be happy to help.

Can I transfer my savings from a cash ISA to a different type of ISA?

You may be able to transfer some or all of your money from a cash ISA to a different type of ISA – stocks and shares, lifetime, or innovative finance. It will depend on the terms of the new ISA you want to transfer to.

Currently, we only offer cash ISAs. You can see all the cash ISAs we currently have available. 

How do I transfer my savings into an ISA with a different provider?

To make sure your savings keep their tax-free status, you’ll need to contact your new provider and ask them for an ‘ISA transfer’. If we receive transfer instructions from your new provider within 21 days of your fixed rate period coming to an end, we won’t charge you to take your money out or close the account.

After 21 days from the end of the term, you may need to give us notice or pay a charge to transfer to another ISA – or you may only be able to close your new ISA in full. Check the Specific Terms for your new fixed rate ISA to see if this applies. 

Can I take money out of my fixed rate ISA, or transfer it to a non-ISA account?

Yes, you can take money out of your fixed rate ISA at the end of the term, or transfer it to a non-ISA account, either with us or with another provider. However, the money you withdraw or transfer will lose its tax-free status.

If you take money out or transfer it within 21 days of your fixed rate period coming to an end, there won’t be any charge. But after 21 days from the end of the term, you may need to give us notice or pay a charge – or you may only be able to close your new ISA in full. Check the Specific Terms for your new fixed rate ISA to see if this applies. 

What happens when my re-investment ISA comes to an end?

We’ll write to you at least 14 days before your re-investment ISA(s) reaches the end of its term and let you know what your re-investment options are.

Unless you tell us otherwise, your savings will automatically be re-invested into another ISA with similar terms. You’ll have the option to withdraw some or all of your money or transfer it without charge in the 21 days following the end of term date.

Live chat . . .

Need some help?

Try our help section FAQs

Live chat

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

Lines open
  • Mon-Fri 8am-7pm
  • Saturday 9am-2pm
  • Sunday & Bank holidays Closed
Call us

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

Call us