Additional Allowance ISA
Additional Allowance ISA
What is the interest rate?
We calculate the interest daily and pay it annually, at the end of 31 March.
Interest can be added to the account or paid into another suitable account.
Can Coventry Building Society change the interest rate?
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).
What would the estimated balance be after 12 months based on a £1,000 deposit?
This would be the balance after 12 months if £1,000 was paid in on 1 April, all interest was paid back to the account annually, there was no change to the interest rate 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.
How do I open and manage my account?
This ISA is for the additional allowance you’ve gained because your deceased spouse or civil partner held ISA savings with us.
How to open
- To open the account you must send the application to us by post
- Order a pack online or on the phone
- You must be aged 16 or over and a UK resident
- You must have been living with your spouse or civil partner at the time of their death
How to put money in
You’ll need to fill in an Additional Allowance ISA paying-in form every time you put money in.
- Pay in cheques by post
- Write to us to arrange a transfer from another Coventry Building Society account. With our Additional Allowance ISA, it’s not possible to transfer in any allowance you have from another bank or building society
- All money must be paid in within either three years from the date your spouse or civil partner passed away, or 180 days after administration of the estate is completed, whichever is later. (If your spouse or civil partner died between 3 December 2014 and 5 April 2015, the three years started on 6 April 2015.)
- All money paid in is treated as previous years’ ISA subscriptions for all ISA purposes
- You can’t transfer in previous years’ ISA savings or any of your personal ISA allowance
How to manage
- By post
- The minimum balance is £1
The amount you can save in your Additional Allowance ISA depends on the date your partner passed away and the amount of ISA savings they held with us. If your partner passed away between 3 December 2014 and 5 April 2018, the amount you can pay into your Additional Allowance ISA is equal to the amount of ISA savings your partner held with us, plus any interest earned at the date of their death. If your partner passed away on or after 6 April 2018, the amount you can pay into your Additional Allowance ISA is based on the amount of ISA savings they held with us. This can be the highest amount at either:
- the date of their death, or
- the date their ISAs with us are closed, the date of the administration of their estate is complete or on the third anniversary of their death, whichever is earliest
Your subscription limit is determined at the time you open your ISA and can’t be changed.
Your additional allowance doesn’t affect your annual ISA allowance.
How to keep track of your account
We’ll post you a statement within a month of any money leaving your account (but we won’t send more than one a month).
Can I withdraw money?
This is an easy access account.
How to take money out
- Ask for an ISA transfer to another ISA held with us or another ISA provider
- Write to us to and ask for a cheque
Additional Allowance ISA is not a flexible ISA
Interest on ISAs is paid tax-free, that is gross with no 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 it was paid and added each year.
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
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