Compare Coventry Building Society ISAs

Coventry Building Society Cash ISAs:

1. Coventry Building Society Fixed Rate ISA – Offers savers a fixed rate of interest if they can lock their cash away for two years without access. Partial withdrawals are not permitted and closures will be subject to an interest penalty.

1. Coventry Building Society Easy Access Cash ISA – This account can be managed; online, over the phone or by post. Pay in money when you choose and make unlimited withdrawals or close the account whenever you want without having to worry about giving notice or being charged a loss of interest.

1. Coventry Building Society also has Junior ISA options.

Types of ISA

There are two distinct categories of Individual Savings Account providers may offer; Cash ISAs and Stocks & Shares ISAs you can have a maximum of one of each type of ISA year tax year. If you opt to have both kinds of account then you will need to break up your annual allowance between the two because it stays the same.

1. Cash ISAs: Are a kind of saving account, the chief difference that sets them apart from any other savings account offered by a bank or other provider is that the interest that accumulates on your savings has a tax free status up to your maximum allowance. There are different kinds of Cash ISA’s available depending on how much access to make withdrawals you would like to make such as; Fixed Rate, Easy Access and Instant Access accounts, often with providers ISAs that offer lower levels of access to your cash also offer better rates of interest.
2. Stocks & Shares ISAs: These are not investments of themselves they are rather a tax-efficient wrapper you can use to make investments in other products, Stocks and Shares ISAs can further be broken down into Self -select plans that allow you to directly invest in various different products such as shares and stocks. Other ISAs of this type pool your money with other investors into a fund as part of a collective investment scheme. The thing to remember with Stocks & Shares ISAs is while they can potentially offer better rates of interest, is that they are capital at risk products, the value of your investments can go up as well as down so you could get back less than what you originally put in.

ISA transfer

All providers of ISAs have to allow you transfer to another provider if you wish to; however ISA providers do not have to permit you to transfer in from elsewhere. It is worth shopping around occasionally to see if you can find an ISA that offers you a better deal than your existing one, if there is a interest penalty for transferring though you should first work out if you would not earn more by sticking with your current arrangement.