Coventry Building Society Limited Access ISA (Online)

sparkiemalarkie

Has anyone got experience of having 2 Coventry Building Society Limited Access ISA (Online) accounts open at the same time?

I already have the Limited Access ISA (Online) (3) account and have used 4 of the 6 withdrawals.
I would like to open a  Limited Access ISA (Online) (4) for the new tax year (interest rate increasing to 3.25% 4th April).

I have looked through the T&C's and can't immediately see any restrictions on having 2 different issues opened.

tia
sx

Scot_39

Not tried myself - but it is interesting that the only clear condition on summary box - and the account terms and condtions - is specific to the issue e.g.

1.6 You may only hold one Limited Access ISA (Online) (4) at any one time

Give them a call.

But have definitely seen other banks do this in past - only limit to 1 account by the account issue - not the account type.

As I had 4 sequential issue regular savers running years ago - they opened new issues every roughly 2 or so months - so it's definitely not unheard of.

sparkiemalarkie

Scot_39 said:

Not tried myself - but it is interesting that the only clear condition on summary box - and the account terms and condtions - is specific to the issue e.g.

1.6 You may only hold one Limited Access ISA (Online) (4) at any one time

It was 1.6 that made me think that it was possible and quite a good idea

- I love the flexibility of this account and the fact that Coventry are good at announcing interest rate rises well ahead - even if they are a bit slow in implementing them....
Just thinking that 2 accounts would give me twice the flexibility

I'll give them a call

sx

km1500

Can you let us know the outcome?

sparkiemalarkie

I have contacted Coventry by phone and by online chat and asked the following question:-

Can I have a Limited Access ISA (Online) (3) AND a Limited Access ISA (Online) (4)

in both cases the reply was:-

You can have one of each. Please remember you can only pay into one cash ISA per tax year.

Also you're allowed different issues of the Limited Access Saver (online)

hth

sx

code_hunter_2

I have some of previous years money still in a Limited Access ISA (Online) (3). Do you know if I can withdraw some of this (during this tax year) and then replace it, without this affecting my current years subscription? 

Would there be any benefits of transferring the above ISA to the newer Coventry Limited Access ISA (Online) (4) account? 

I am planning to open up a completely separate fixed rate ISA with money for the current tax year.

Thank you. 

sparkiemalarkie

I'm pretty sure that the Coventry Limited Access ISA (Online) (3) is a flexible account but might be worth contacting CS to make sure or dig out your paper work.

The Limited Access ISA (Online) (4) has an interest rate of 3.25% where as my Limited Access ISA (Online) (3) is showing an interest rate of 3.30%

I've already made a number of withdrawals and was worried about the rate drop, if I did too many, so opened the Limited Access ISA (Online) (4) to double my access. I will fund this with a small amount, from a previous years ISA, to keep it active.

There may be better out there but I have tried to reduce the number of institutions that I save/bank with.

sx

Oasis1

I've done this. Opened an issue 4 last financial year. Appeared as inactive so you can't pay into two in one financial year. When this financial year started, I called them to have it activated so I could pay in a new subscription. All went fine, and saw they made the issue 3 inactive instead - which just means you can't pay into it, you can still earn interest and do a transfer.

Newly_retired

Am I right in thinking that if I open this loyalty ISA and can only pay in a small amount initially, that once it is closed to new applicants, I won't be able to pay in any more, so I will lose my ability to put the full £20 000 into an ISA this year?

[Deleted User]

This may not apply to you, Newly_retired, but I telephoned Coventry today about my non ISA account which matures on 30 April.  I opened the Loyalty ISA (The 4.4% one) on 06 April and thought I would only be able to pay into it until 20 April or until the account is closed to new customers.

When I telephoned today I was told that it had been decided that Coventry Accounts maturing at the end of April would be allowed to pay the proceeds into the new, already opened, 4.4% Loyalty ISA (1.)

Although I won't be able to pay all of the proceeds of my account which matures on 30 April into the new 4.4% Loyalty ISA (1) I made arrangements today to pay some of the proceeds into the new 4.4% ISA and some (for easier access) into another existing Coventry Savings Account.

Until this information received today I, like you, wondered if after the 14 days from opening the account, or until it was closed to new customers, I would not be able to pay into another Cash ISA for the year 2023-24.

Although this may not apply to your circumstances I hope it is helpful as others may not know that , if applicable to them, this is now an option.

Newly_retired

Thanks, Crimson. I too have a Coventry bond maturing on 30 April, but it is less than £20k by a long way. It seems that there is no point putting it into the new Loyalty ISA as I have no way of adding to it for several months, by which time this will surely be closed for further subscriptions.