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Leeds & Holbeck guarantees capital on Tessa account linked to FTSE100

Leeds & Holbeck Building Society is launching a new account for Tessas and Toisas, offering 100 per cent capital security and minimum return of 10 per cent tax-free at the end of the six-year term.

The secure growth account will be available on a first-come, first-served basis to savers with funds from a maturing or matured Tessa, or by transferring funds from an existing Tessa-Isa account.

The account tracks the growth of the FTSE 100 index over the term subject to a maximum of 60 per cent and a minimum return of 10 per cent even if the market falls. The maximum investment is £9,000 and a minimum £3,000 from a maturing Tessa. If these proceeds have already been reinvested in a Tessa-only Isa, then the whole amount can be transferred into the account.

Leeds & Holbeck spokesman Tony Burdin says: “This is a good opportunity for inv-estors to enjoy potential stockmarket returns in the knowledge that their capital is secure. People with maturing Tessas or variable rate Tessa Isas may find the growth potential, capital security and minimum guaranteed return of this amount an attractive option in the volatile market conditions.”

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