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Bristol & West and Barclays sweeten Tessa terms

Bristol & West and Barclays have agreed to make their Tessa terms more attractive, becoming the latest in a growing list of high street banks to do so.

B&W says it will raise its rates in line with its cash Isa, an increase of 4 per cent. Both products now offer a 6.4 per cent rate on balances of more than £1,000.

Barclays has agreed to scrap its £25 fee for transferring from one provider to another. It is still refusing to increase its rates in line with its Isa rate.

Only seven banks and building societies are still discriminating against Tessa customers. They are Alliance & Leicester, Barclays, Britannia, Leeds & Holbeck, Northern Rock, Skipton and Woolwich.

Cash Isas have replaced Tessa products, and so the financial ombudsman is criticising those providers who offer low rates on the older products.

Banks and building societies have come under criticism for lowering rates on Tessas now they have been superseded by Cash Isas.


Top consultant warns of multi-tied cartel

The introduction of multi-ties would create a cartel of providers, leading to a disastrous reduction in competition and higher prices, according to leading consultant Bacon& Woodrow.B&W, which has advised the FSA on league tables, FSAVCs and warns if the FSA and the Treasury permit multi-ties, they will allow a handful of providers to corner the […]

CA&#39s draft rules on mortgages welcomed by CML

The Council of Mortgage Lenders has welcomed the Consumers&#39 Association guidance to lenders on best practice for drafting mortgage terms and conditions.The two organisations are in agreement on many issues regarding the fairness of mortgage terms but the CA backed down on some issues and amended the draft guidance following talks with the CML.The CML […]

Cazenove aims at European smaller companies

Cazenove Fund Management has introduced the European Smaller Companies Fund, a Dublin-based sub fund of the Cazenove international fund.Aimed at experienced investors who are looking to get exposure to Europe, the fund is an open-ended investment company (Oeic) that will invest in small European companies that have the potential to grow rapidly. It will aim […]

Lambeth loan for first-time buyers

Lambeth Building Society is offering a discount mortgage for first-time buyers which pays 0.2 per cent commission to IFAs based on the mortgage advance.Mortgages of up to 95 per cent loan to value are available and there is no mortgage indemnity guarantee. Valuation and application fees are refunded on completion of the mortgage.The initial interest […]


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