Coventry BS launching tomorrow 6 April Fixed Loyalty cash ISA 4.4%

Rich2808

daaave said:

No transfers in. Says so on Coventry homepage.

It didn't make any references to prior year transfers in the email - although the implication was you could only pay in £20,000 (i.e. your 2023-24 subscription). But that could simply have been taken as the tax free ISA allowance we all have.

A pity they didn't make that clear in the email - before they sent out hundreds of thousands of these emails! As its a rather important point.

gele

I am in a similar position with funds becoming available at the end of April.  You did say 14 days or for as long as the offer is open. Its a bit of a gamble as the offer could still be open in May by which time your funds would be available but also it might not.
If however Coventry accept funding for 14 days from the day you open it, in theory, if its still available to open towards the end of April [say 20th] then you could open it then and have 14 days from then to add your maturing funds. Its an unknown really and Coventry are quite quick to close popular accounts [which this probably will be] I will be keeping an eye on this too because as I said at the start I am in a similar position. Others may come along with a better plan as I am no expert.

TiVo_Lad

Deleted_User said:

Am I right in thinking that, if I open this Coventry ISA, then after 14 days when I cannot add savings to it, I won't be able to have another ISA anywhere this tax year?

Incorrect. As long as you don't pay any new money into the Coventry account (the process of "subscribing" to an ISA), you're free to open another account and then subscribe (pay new money into) that one instead. You can open as many ISA accounts in a tax year as you like, but you can only subscribe to one.

gele

As for the last part of you question about adding to it, once you have paid monies in you cant open another and pay into that. If you opened it but didn't pay in because your funds hadn't matured and the paying in window had closed then you can open another later in the same tax year as you hadn't paid anything into the first one

TiVo_Lad

gele said:

You did say 14 days or for as long as the offer is open. Its a bit of a gamble as the offer could still be open in May by which time your funds would be available but also it might not.

I think it's highly unlikely that it will be available for long. It's a pretty good rate (25 basis points above the current Best Buy @ Santander) so they're probably expecting an avalanche of cash tomorrow. I expect it's the reason why it's only new subscriptions and no transfers.

[Deleted User]

TiVo_Lad said:

TiVo_Lad said:

Sorry - I clicked too many times and don't know how to delete.  I cannot find the source but I thought I had to pay £500 in when opening the 4.4% Fixed Loyalty ISA account.  If that is right enough I'll have paid 'new money' in for the tax year 2023-24.  Is that right?  Thank you

trickydicky14

I opened a YBS loyalty six ISA a week ago and put some cash in from my 22/23 allowance, so can I now open a new ISA with Coventry and fund it with 23/24 allowance? And yes I am a current member of Coventry BS.

where_are_we

I am waiting to see if there will be any better cash ISA interest rates in the next week before I commit my £20K deposit. I have opened the YBS loyalty 6 ISA @4.25% which I prefer because it is a flexible ISA and allows up to 6 withdrawals in a year whereas the Coventry Loyalty ISA does not allow withdrawals without incurring a penalty. However the YBS ISA 4.25% is variable whereas the Coventry 4.4% is fixed which I believe is a better option over the one year term.

where_are_we

trickydicky14 said:

I opened a YBS loyalty six ISA a week ago and put some cash in from my 22/23 allowance, so can I now open a new ISA with Coventry and fund it with 23/24 allowance? And yes I am a current member of Coventry BS.

Yes you can.

Oasis1

Anyone know how many days interest the withdrawal penalty will be?