Coventry Three Year Fixed Rate Cash ISA Pays 2.35%

Written by Karen Bryan

coincoversurfaceUpdate 28 July 2013 – Coventry are currently offering a Fixed Rate ISA(18) paying 2.35% until 31 May 2016, which doesn’t accept transfers. Existing Coventry ISA customers have access to a Reward ISA paying 2.5% variable, with transfers allowed.

Update 8 April 2013 – The Coventry 60 Day Notice Account has been withdrawn. Its replacement is the Conventry Poppy ISA, paying a guaranteed 2.6% until 5 April 2014.

Update 17 January 2013 – The rate of interest on the Coventry 60 Day Notice Cash ISA has been reduced from 3.1% to 2.8%. However the 2.8% rate of interest is guaranteed until 31 December 2013.

Coventry Building Society is currently offering a 60 Day Notice Cash ISA account with an interest rate of 3.1%.  This interest rate is made up of two parts, an 0.6% bonus for 12 months and an underlying rate of 2.5%. Although it’s a variable rate account, Coventry are guaranteeing that the interest rate will be at least 3.1% until 29 November 2013. Therefore I’d call it a 10 month fixed rate Cash ISA account.

The minimum deposit is £1 and the maximum £5,630 (the present annual maximum Cash ISA limit). You can access your cash with 60 days notice, or immediately with a penalty of 60 days loss of interest on the amount withdrawn. Deposits are only accepted until 5 April 2013 (the last day of the current Cash ISA year).

Unfortunately, the account doesn’t accept transfers in from other Cash ISAs. I added this year’s annual Cash ISA allowance to a Santander Major 2 Year Fixed Rate ISA paying 4.1%, in July 2012.

If you haven’t used your full Cash  ISA allowance for the current tax year, ending 5 April 2013, this account looks to me like the best available at present. You can’t even get a rate of 3.1% by tying up your money for 3 years; the best 3 year fixed rate Cash ISA account I could find was 2.8% with BM Savings with a minimum deposit of £50.000.

Interest rate correct on 10 January 2013.

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