What are the current Coventry Building Society Cash ISA rates?

Research shows that 52% of people with a Cash ISA use the same provider they use for their current account, but this isn’t always a good idea! The big high-street banks don’t necessarily offer the most competitive rates. To see how another provider could help you reach your savings goals faster, take a look at our guide to the Best Cash ISAs in the UK.

What are the current Coventry Building Society ISA rates?

Coventry Building Society currently offers five Cash ISA saving products, with the most competitive rates available for under 18s or adults willing to make the most of their cash savings. Their rates range from 3.10% (variable) AER with their Easy Access ISA ro 4.95% (variable) AER with their Junior Cash ISA. 

• Junior Cash ISA: 4.95% (variable) AER/tax-free (rate will change to 4.70% from the 3rd September 2024). You (or your child) can open this Cash ISA with as little as £1 and up to £9,000, but they won’t have access to the money until the child has reached 18 years of age. Interest is calculated daily, but is paid annually, and one final interest payment will be made on the child’s 18th birthday.
• Four Access ISA: 4.30% (variable) AER/tax-free. You can open this Cash ISA with as little as £1 and can make up to four withdrawals throughout the year with no charge. But from the 5th withdrawal onwards, you’ll receive a charge equal to 50 days’ interest based on the amount you’re withdrawing. Interest is calculated daily, but is paid annually or monthly on the last day of each month.
• Easy Access ISA (Online) (5): 3.40% (variable) AER/tax-free (rate will change to 3.15% from 2nd September 2024). You can open this Cash ISA with as little as £1, and you’ll have easy access to your money with no penalties for withdrawals, but you’ll only have access to Coventry’s online services. Interest is calculated daily, but is paid annually or monthly on the last day of each month.
• Additional Allowance ISA: 3.15% (variable) AER/tax-free (rate will change to 2.90% from 3rd September 2024). This is an ISA for people who have inherited an extra ISA allowance from a spouse or civil partner. You must have been living with your spouse or civil partner at the time of their death, are a UK resident and are over 18 years old. The amount you can save in an Additional Allowance ISA depends on the date your partner passed away and the amount of ISA savings they held with Coventry Building Society. As this is an easy access ISA, once set up you’ll get instant access withdrawals with no penalties. Interest is calculated daily, and is paid annually.
• Easy Access ISA: 3.10% (variable) AER/tax-free (rate will change to 2.85% from 3rd September 2024). You can open this Cash ISA with as little as £1, and you’ll have easy access to your money with no withdrawal penalties. ‍Interest is calculated daily, but is paid annually or monthly on the last day of each month.

Source: https://www.coventrybuildingsociety.co.uk/member/savings/cash-isas.html/. Current Coventry Building Society Cash ISA rates are accurate as of August 2024.

What is Coventry Building Society’s best ISA rate?

Coventry Building Society’s current best Cash ISA rate is 4.95% (variable) AER which you can get with their Junior Cash ISA, but this account is only suitable for those under 18. The best Cash ISA for adults is their Four Access ISA, which offers 4.30% (variable) AER, but only lets you make up to four withdrawals each year penalty-free. The next best rate available is their online Easy Access ISA, which offers 3.40% (variable) AER.

Take a look at our guide to the best Cash ISAs on the market to compare different accounts today.

Is Coventry Building Society a good ISA provider?

Coventry Building Society does have some competitive interest rates, but its best Cash ISA rates are reserved for junior savers or those who only need to make up to four withdrawals per year. The good news is that you may get even better interest rates with a different provider. 

Not only that, other providers may offer better customer service too. Here at Tembo, for example, we’ve helped thousands of people save for the future and even get on the property ladder with our award-winning savings app. We’re also rated Excellent on Trustpilot, so you can be sure that we’re the real deal!

Learn more: Should I get an ISA?

Can I have two ISAs with Coventry Building Society?

You can open and pay into multiple Cash ISAs in the same tax year, but only one of them can be with Coventry Building Society. If you’ve already got a Cash ISA with Coventry or another provider and you’re looking for a more competitive rate, it’s up to you whether you keep multiple accounts or transfer your current ISA to a new provider.

If you’re saving a deposit for your first home, it may make sense to have a Cash ISA and a Lifetime ISA (LISA). Save up to £4,000 of your total ISA allowance in a Lifetime ISA each year and you’ll get a 25% bonus from the government - up to £1,000 each tax year! This means that if you max out your LISA for 3 years in a row, you’ll have a £15,000 deposit towards your first home. Choose a LISA with a competitive interest rate and you’ll have even more than this!

Buying a house with another first-time buyer? You can have a LISA each, potentially giving you double the savings, double the bonuses, and even more interest!

Take a look at our guide to the Lifetime ISA withdrawal penalty for more information.

Learn more: Cash ISA or Lifetime ISA. Which one should I pick?

Will Coventry Building Society increase ISA rates?

Coventry Building Society could increase its ISA rates, but it could lower them instead. Banks and building societies tend to use the Bank of England’s base rate as a guide when setting their own rates. If the base rate rises, banks and building societies often increase their mortgage and savings rates too. If the base rate falls, mortgage and savings rates often follow. But it’s impossible to know exactly what will happen to interest rates in future.

If you already have a fixed rate Cash ISA with Coventry Building Society, your interest rate will stay the same for the remainder of your fixed term, even if the Bank of England’s base rate drops or your provider changes its current ISA offering.

Learn more: Cash ISA or Lifetime ISA. Which one should I pick?

How to find the best Cash ISA Rates

With so many providers to choose from, don’t just compare interest rates. Compare customer service quality, how easy it is to access your money and whether the provider offers bonuses or rewards too! The right Cash ISA can make a huge difference to your savings progress in both the short and long term.  

Take a look at our guide to the best Cash ISA rates for a handy breakdown of the most competitive accounts. 

How to transfer my Coventry ISA to another provider

Transfer your Coventry Building Society ISA to another provider by simply opening a new ISA and asking your new provider to move the money for you. Don’t try to complete the switch yourself, as this can impact your savings’ tax-free status and this year’s ISA allowance! 

Let’s imagine you’ve saved £35,000 in a Cash ISA over a number of years and you’d like to transfer your savings. If you try to move the money yourself, this could use up your full £20,000 ISA allowance for this tax year. You’ll also have to wait until the following tax year to move the remaining £15,000 into your new Cash ISA. Until then, you’d need to keep the money in a traditional savings account, where your interest would be taxed.