Coventry ISAs 2024/25

SaveTheEuro

The new ISA regime is only days away but the Coventry Building Society is unsure what to do:

Some providers may allow you to open multiple accounts with them in the same tax year. At Coventry Building Society, we're still considering the best way to embrace this new flexibility.

 

Paying into an ISA you haven't paid into this tax year

This new flexibility means that HMRC no longer require you to make a fresh ISA application where you haven’t paid into an ISA for a full tax year.

 

However, at Coventry Building Society, if you haven’t used any of your ISA allowance over the last tax year and would like to start saving into your ISA this tax year, you'll still need to contact us for now. This safeguards you from accidentally going over your annual allowance. Rest assured, we’ll get you up and running again.

 

Partial ISA transfers

The Government has now allowed partial transfers in the same tax year of ISA balances between providers, aiming to give savers more freedom. At Coventry Building Society, while we still need you to move all your money when transferring ISAs, we're looking into these new ideas to see how best we can help savers following the change.

masonic

I'd be amazed if they are the only ones not to have responded to the changes announced in the budget by the start of the next tax year.

eskbanker

SaveTheEuro said:

At Coventry Building Society, we're still considering the best way to embrace this new flexibility.

[...]

However, at Coventry Building Society, if you haven’t used any of your ISA allowance over the last tax year and would like to start saving into your ISA this tax year, you'll still need to contact us for now. This safeguards you from accidentally going over your annual allowance. Rest assured, we’ll get you up and running again.

[...]

At Coventry Building Society, while we still need you to move all your money when transferring ISAs, we're looking into these new ideas to see how best we can help savers following the change.

They seem to be quite creative with their euphemisms for "we haven't updated our systems yet"!