We calculate the interest daily and pay it annually, on the anniversary of the date you opened the account, or monthly, at the end of the last day of each month.

Interest can be added to the account or paid into another suitable account.

The interest rate is variable, so it can go up or down at any time.

For more details about why we may change the rate, as well as how and when we’ll let you know, see our Saving Accounts Terms and Conditions booklet (section 4).

£1,041.50

This would be the balance after 12 months if £1,000 was paid in,  all interest was paid back into the account, and no money was taken out or paid in. 

This illustration is just an example to help you compare accounts. It does not take into account any individual circumstances.

Eligibility 

• Must be at least 18 years old and a UK resident 
•  You must provide us with your National Insurance Number.

How to apply for this account 

• Online 
• Call us on 0800 121 8899 
• By post 
• Pop into a branch.

A passbook based version of this account can be opened by popping into a branch or giving us a call.

How to manage and keep track of your account

• Register and use Online Services 
• Register and use our app 
• Call us on 0800 121 8899 
• If you have a passbook, pop into a branch.

How to put money into your account

• Pay in cash or cheques in a branch.
• Post us a cheque.
• Set up transfers from an account with another bank or building society or another account with us. 
• You can also transfer in current and/or previous years’ ISA savings using an ISA transfer. If you’re transferring in your current year’s savings then you must transfer all of it, as you are only able to pay into one cash ISA with us per tax year.
• You can pay in up to your annual ISA allowance each tax year, depending on any money you may have already paid into other types of ISA (e.g. stocks and shares). For the current tax year the ISA allowance is £20,000.
• The minimum balance is £1.

This is a flexible ISA. You can take money out and put it back in later, without it counting any further towards your annual ISA allowance, as long as you pay the money back in before the end of the same tax year. If you've created a flexible ISA allowance on another ISA, you can't transfer the allowance to 5 Access ISA - 1 Year.

You can take money out of your account up to five times without having to pay a charge. From the sixth withdrawal onwards (which can include closure), you’ll receive a charge equal to 50 days’ interest based on the amount you’re withdrawing. The charge will be deducted from the balance of the account at the time of the withdrawal. If you haven’t earned enough interest to cover this charge, some of it will come out of your original deposit(s).

How to take money out of your account

• Arrange an ISA Transfer to another provider, without losing the tax-free status of your savings; contact them to arrange this. 
• To transfer ISA funds to another Coventry Building Society ISA, without losing the tax-free status of your savings, go online, call us or pop into a branch.
• Pay money to another Coventry Building Society account online, call us or pop into a branch.
• Pay money to another Coventry Building Society account in your name via our app.
• Pay money into your Named Bank Account online or via our app, call us or pop into a branch.
• If you have a passbook, you can request a transfer to another account with us, or any UK-based account in branch, online, by phone or by post. You can also ask for cash or cheques at any branch.
  

What happens at the end of 12 months?

At the end of 12 months, on the anniversary of account opening, your account will transfer to an Easy Access ISA (Maturity) – an account which allows unlimited withdrawals without charge. Easy Access ISA (Maturity) will pay a lower rate than 5 Access ISA - 1 Year. 

The interest rate on our Easy Access ISA (Maturity) is variable – this means we can change it and it can go up or down. We’ll write to you closer to the time to confirm your new rate. If you would like to see what rate Easy Access ISA (Maturity) pays now, you can:

• Call us on 0800 121 8899
• Ask us in any branch.

You’ll be able to keep saving and your account number won’t change. You’ll also have the option to take some or all of your money out or close your new account. We’ll send you a reminder and full details of the options available to you at least 14 days before the account transfers. If you take no action your account will become an Easy Access ISA (Maturity).

This is a limited issue account, so we may stop accepting applications at any time. 

You have a 14 day cancellation period after you make your first payment into a 5 Access ISA - 1 Year, where you can cancel and close your account and won’t be charged. After this, you can still close the account at any time. Remember though, if you’ve taken money out at least five times during the term, you’ll be charged a sum equal to 50 days’ interest on the balance that you’re transferring, including closures. Day 1 starts from the day you make your first payment into the account, so if you did this on the first day of the month, your cancellation period would finish on the 15th day of the month. If you wish, you may change your mind and close the ISA within 14 days and it will be treated as if you never had the ISA so you’d still be able to pay some/all of your annual ISA allowance into another cash ISA in this tax year.

You can only have one 5 Access ISA - 1 Year, at a time.

^Interest on ISAs is paid tax-free, that is without tax deducted. ISAs are a savings scheme initiated by the Government, and are subject to change by them. For example the favourable tax treatment may not be maintained.

* AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added each year.