Icon displaying calendar with 6th of April date

It’s a new tax year!


You can now pay in up to £20,000 into your cash ISA with us between 6 April 2024 and 5 April 2025. 


You may have also heard that there are some changes happening to ISAs.


A quick guide to ISAs

An Individual Savings Account (ISA) is a type of savings account that allows you to grow the money you invest, tax-free. This means your money will work harder than if it was in your current account because any interest you earn isn't taxed.


As you may know, you can open an ISA if you’re a UK resident aged 18 or over; a Junior Cash ISA is for anyone under 18.

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Invest tax-free
Up to £20,000 (£9,000 for a Junior ISA) for the 2024/2025 tax year and grow your investments without paying tax on the interest you earn.
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Find your fit
Choose from our range of accounts, based on whether you want the peace of mind of a fixed rate or access to your money.
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Our promise to you
If we're responsible for your ISA transfer being delayed, we'll backdate any interest you're owed.

We have Cash ISAs to suit different needs

At Coventry Building Society we offer a number of different ISAs, depending on the level of access you think you might need to your money. Whether you’re saving for that new car, a house or your children's future, we can help you decide which Cash ISA is best for you.
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Fixed ISA

Mary's story

Mary's saved some money that she knows she won't need to access any time soon, so a fixed ISA with a higher interest rate and the security of a fixed rate is ideal for her. It means Mary can lock her money away for a fixed period of time (typically 1-5 years) with peace of mind that she's working towards her savings goals and can enjoy a comfortable retirement.
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Flexible ISA

Brendan's story

Brendan has some savings but feels more comfortable knowing he can dip into them as and when he needs to access them. An easy access ISA allows him to secure his family's financial future, but gives him the flexibility to take money out in case he needs it for unforeseen house repairs.

Junior ISA

Toyin’s Story

As a new mum, it's really important to Toyin that she begins to invest in her son's financial future early on. A Junior Cash ISA is designed for children under the age of 18, so it gives her reassurance that she's helping to teach her son about making informed financial decisions from a young age.

Additional Allowance ISA

Jeff’s Story

This type of ISA allows a surviving spouse or civil partner to inherit their partner's ISA benefits and invest an additional amount up to the value of their partner's ISA allowance at the time of their death. This lets Jeff save more money tax-free, giving him much-needed peace of mind.

Ready to open an ISA?

Annual ISA allowance: what do I need to know?

For this tax year, you can invest up to £20,000 tax-free across different types of ISAs and with multiple banks, building societies or other financial institutions. While we specialise in Cash ISAs, you might see that other providers have Stocks and Shares, Lifetime and Innovative Finance ISAs available.

Yearly ISA allowance allocation

You can split your allowance across different types of ISAs per tax year.
Yearly ISA allowance allocation
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Yearly ISA allowance allocation

Other providers may allow subscriptions to multiple cash ISAs in the same tax year, within the £20,000 ISA limit.


However, you’ll only be able to pay some or all of your overall ISA subscription limit to one cash ISA with us. 

Yearly ISA allowance allocation (with Coventry Building Society)
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Can I carry over any unused ISA allowance to the next tax year?

You'll lose any ISA allowance that you don't use in the current tax year. You are not able to carry forward any unused ISA allowance from previous tax years. This means if you add £17,000 to your ISAs this year (and have £3,000 left in your allowance), you can still only add £20,000 in the next tax year, not £23,000.

I’ve opened a Cash ISA with another provider but haven’t paid into it yet. Can I still open a new ISA with you?

Yes, you can open and pay into multiple cash ISAs for the current tax year across multiple ISA providers, up to your overall ISA limit (£20,000 for 2024/2025). However, you can only pay into one cash ISA with Coventry Building Society in the same tax year. If you only subscribe some of your overall ISA allowance to other ISA providers in the current tax year, you can pay in your remaining allowance into an ISA with us.

Remember, all subscriptions must remain within the £20,000 ISA limit.

If you pay into a cash ISA with us it becomes 'active', and you cannot pay into another Coventry Building Society cash ISA in the same tax year. Unless you complete an ISA transfer of all your current years' funds to the new account.

ISA tax benefits explained

What does tax-free mean to me?

Depending on which tax band you’re in you could be paying tax on your savings interest. However saving money in an ISA is completely tax-free. Learn more about your Personal Savings allowance to understand how this can affect you.

Is the ISA allowance separate from my Personal Savings allowance?

Yes, ISA savings are separate from your Personal Savings Allowance. So if you’re a basic rate taxpayer, you can additionally earn up to your £1k interest from your non-ISA savings accounts, without paying tax.


Learn more about Personal Savings Allowance here.

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


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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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