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.
We have Cash ISAs to suit different needs
Fixed ISA
Mary's story
Flexible ISA
Brendan's story
Junior ISA
Toyin’s Story
Additional Allowance ISA
Jeff’s Story
Ready to open an ISA?
Yearly ISA allowance allocation
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.
Can I carry over any unused ISA allowance to the next tax year?
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?
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.
Call us on 0800 121 8899
- Mon-Fri 8am-7pm
- Saturday 9am-2pm
- Sunday & Bank holidays Closed
Yesterday, people waited on average
17 seconds for savings enquiries
17 seconds for mortgage enquiries
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
Saturday
Sunday
9am - 2pm
Closed
Closed
Yesterday, people waited on average
33 seconds for savings enquiries
34 seconds for mortgage enquiries