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IFA David Aaron calls for Tessa switch

IFA David Aaron Partnership is calling on investors with maturing TESSA investments to consider switching with profit bonds if they want a higher return on their investments.

They claim many investors are losing out on valuable income by allowing the matured lump sums from the TESSAs to be put into low interest earning deposit accounts by banks and building societies.

Investors should instead transfer the initial capital they invested into a tax free TESSA ISA or consider other alternatives says the IFA.

Senior partner David Aaron says: "The advantage of profits bonds is that you are getting steady returns currently of between 6 and 7% per year and the security of a strong life office such as Standard Life or Liverpool Victoria."

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