Coventry Poppy Cash ISA 2.6%

codetown

In April 2013, I opened the Coventry BS Poppy ISA with a rate of 2.6%.
This rate is guaranteed up to April 2014 and is good.

- Does anyone know what will be the rate afterwards?
- Will we be allowed to deposit the new year (2014-2015) cash isa allowance, i.e. 5960 gbp in this Poppy ISA account?

innovate

According to the T&Cs, interest rate will be 2% variable from April 6 2014. You cannot pay in more than £5,760 by April 5 2014 at the latest.
http://www.coventrybuildingsociety.co.uk/savings-and-investments/productfeatures.aspx?prodCode=POPI1&CTALinks=False

TheBigEasy

[FONT=&quot]It’s now nearly 12 months since you opened your Poppy ISA, so I am writing to let you know that the 0.60% tax-free p.a./AER* introductory bonus will finish at the end of the first year of your account being open.[/FONT]
[FONT=&quot]The table below confirms the variable interest rate which will apply from 15 April 2014. There are no changes to the terms and conditions of your account.[/FONT]

[FONT=&quot]Annual interest [/FONT]

[FONT=&quot]Balance[/FONT]

[FONT=&quot]Tax-free p.a./AER[/FONT]

[FONT=&quot]£1 plus[/FONT]

[FONT=&quot]2.00%[/FONT]

[FONT=&quot]Make the most of your ISA allowance[/FONT]
[FONT=&quot]The current tax year ends on 5 April 2014, and it’s important to make the most of your annual
tax-free allowance. You can save up to £5,760^ into your cash ISA during the tax year 2013/2014, so if you’ve not yet used your full allowance, top up your Poppy ISA if you can. Remember, if you don’t use your full allowance by 5 April 2014, you cannot carry it over into the next tax year. [/FONT]
[FONT=&quot]A new tax year starts soon[/FONT]
[FONT=&quot]The new tax year starts on 6 April and, although you cannot pay any further money into your Poppy ISA, you can open a new cash ISA for the 2014/2015 tax year. [/FONT]

So, No, you cannot pay next years allowance into your Poppy ISA.
The above quote comes from an email sent to me from Coventry last month

matofender

TheBigEasy wrote: »

So, No, you cannot pay next years allowance into your Poppy ISA.
The above quote comes from an email sent to me from Coventry last month

Why is this?

Zanderman

matofender wrote: »

Why is this?

Because that's how it is. The Poppy ISA was a product that is no longer available. It's listed on their website as a 'closed product' - click on closed products on this page http://www.coventrybuildingsociety.co.uk/savings-accounts/home.aspx You can leave your money in there at the lower rate (soon to be 2% but that may drop in future) or transfer the 2013/14 ISA to another bank/bs.

But it's not a problem if you want a 2014/15 ISA - just open another one - either another with the Coventry from their current range or some other bank/bs, there's plenty of choice.