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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.

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