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Banks and building societies have come under criticism for lowering rates on Tessas now they have been superseded by Cash Isas.

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