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Leeds & Holbeck cashes in on Tessas

Leeds & Holbeck Building Society has unveiled a cash individual

savings account (Isa) for investors who have maturing tax exempt

special savings accounts (Tessas.)

The 2-year Tessa Isa is suitable for investors who are looking for

somewhere to put their Tessa cash but do not want to tie it up

over the long-term. As a cash Isa, it could be attractive to

investors who are looking for a fixed rate of interest without

depending on the performance of stocks and shares.

The Isa offers investors with at least £100 an interest rate of 6 per cent a year for two years. Existing customers get an extra 0.25 per cent loyalty bonus for six months. If they make withdrawals during the two-year term, they will lose 90 days&#39 interest.

According to Moneyfacts on July 2, 2001, the Leeds & Holbeck Isa has the

most competitive rate compared to similar products. The next competitive rate is from Julian Hodge Bank, at 5.80 per cent a year. In addition to the lower rate, it does not allow any withdrawals, which may make it not so suitable for investors who may need an emergency supply of cash.


Invesco links with fast-food chain

Invesco has been appointed stakeholder pension provider by McDonaldsRestaurants. Consultants Watson Wyatt acted as consultant in the selectionof the scheme. The new scheme will sit alongside the defined-benefit schemeprovided by Schroders. DOCE:

Winterthur ditches pension fee

Winterthur Life is removing the 1 per cent contribution charge onregular-premium pensions next month due to stakeholder pressure and to makeinvestment returns more competitive. It says personal and executive pensions in its regular-premium range offeran alternative to stakeholder for clients who want a cost-effective premiumcontract. It says people with a 1 per cent stakeholder contract […]

May mortgage figures hit CML record high

Mortgage lending in May hit its highest level since Council of MortgageLenders&#39 records began in 1998. The increasingly buoyant housing market meant total gross mortgage lendingwent up to £12.9bn last month from £11.6bn in April and£10.1bn in May 2000. Lending for house purchase by both banks and building societies rose to£8.1bn from £7.4bn in April […]

Mimi offers protection

Mitchell says: “The product is well suited for many clients who require protection in connection with a mortgage. The policy can also be used for family protection and also business purposes, although it is not marketed as such.”On the subject of the marketing opportunities that the plan will provide, Miles cannot see any, Mitchell says: […]

Lifetime ISAs – International Evidence

By Fiona Tait, Pensions Specialist Since the announcement in March, the Lifetime ISA (LISA) has attracted controversy. Heralded as a saviour for the self-employed and the young wanting to get on the housing ladder, the new LISA risks adding confusion for savers trying to fully understand the benefits of new workplace pension savings through auto-enrolment. To […]


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