Coventry Building Society

etienneg

I have a 1 year fixed rate ISA that is due to mature on 31 May 2026. I am expecting to hear from them regarding maturity options, but nothing has arrived so far. I believe the default option is another 1 year fixed rate ISA at Coventry, which I do NOT want.

Unless they have something better on offer for maturity than their current (mediocre) non-fixed term ISAs, I shall be opening another ISA elsewhere and requesting a transfer in from Coventry, but not until the current one has matured.

Does anyone know how long before maturity Coventry should contact me? Or do I just go ahead with arranging a new ISA and transfer? If the latter, do I need to let Coventry know what I am doing to avoid the default rollover and consequent penalty for early closure?

Marcoos

Mine is due to mature 1st June. They emailed me on 6th May with options.

Have you checked your junk folder? Or tried logging in to web site (not the app) and the options should be there

code_hunter_2

I’ve also got a Coventry fixed cash ISA finishing on 31st May. I received a letter 2-3 weeks ago about it ending. I’ve decided to transfer my ISA at maturity to an easy access ISA with another provider. It allows transfers over the next 30 days and I completed an ISA transfer form when opening the account, also selecting the option of ‘transfer on maturity’. Within a few days, the new provider confirmed that they had contacted Coventry and the transfer will go ahead. I’ve also had a letter from Coventry confirming that money will be transferred to the new ISA provider on 1st June. I hope that helps!

Confusedlad

Exactly as code_hunter_2.

I went online too to "discover" the options and then contacted another provider to give instructions to move the funds away from CBS on maturity.

Just awaiting the maturity and transfer to the new provider ) who are paying a significantly better return).

Providers seem to vary considerably on their Comms regarding ISA maturity. Maybe it's time to legislate a standard to remove the variation which currently appears to exist.

maman

I don't have an ISA with Coventry but with other accounts I've found their customer service phone line very helpful. It seems your maturity letter/email has gone astray somewhere. I'd suggest you call them for a duplicate then you'll be able to initiate a transfer to another provider.

Albermarle

When you contact them/find the maturity options, you would be safer to request the option of maturing to an easy access ISA with Coventry. Then arrange a transfer with another provider from that easy access account.

That is because the relatively short time scale left for the current fixed term one, could lead to problems with the transfer if there are any delays.

2010

When it matures it automatically goes to a 1yr fixed ISA @ 4.20% if you "do nothing".

You then have 21 days to do something, penalty free.

Its all in their t&c.

silvermum

See also this thread: https://forums.moneysavingexpert.com/discussion/6667074/coventry-bs-centrepoint-fixed-isa-maturing-31-05-2026-options#latest

Log into your account and you will see the maturity options listed.

I decided to transfer out to Virgin at maturity and had confirmation of instructions from both Virgin and Coventry within a couple of days.

badger09

https://forums.moneysavingexpert.com/discussion/comment/82005151#Comment_82005151

Me too.
Maturity funds will go into Flexclusive ISA with Virgin in anticipation of some decent fixed rates next month

silvermum

https://forums.moneysavingexpert.com/discussion/comment/82005655#Comment_82005655

What rate are you getting on the Flexclusive ISA (I can't see that one?). I opted for the Double Take E-ISA at 4.15%

badger09

https://forums.moneysavingexpert.com/discussion/comment/82005933#Comment_82005933

Sorry, perhaps I should have mentioned the Flexclusives are legacy accounts. Previous maturing FRISAs became Flexclusives @ 4.11%. Not the best by any means, but not as shabby as some maturity offers. I use mine as holding accounts.