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Leeds & Holbeck isa away clients Tessas

Leeds & Holbeck Building Society has introduced the FTSE linked Tessa Isa.

The Isa is aimed at investors who have a tax exempt small savings account (Tessa) that is about to mature and are now wondering about what to do about their investment.

The product will link itself to the FTSE 100 index over the term of the Isa. If the closing value of the index is higher than the staring value of the index, then the investor will get a tax-free return of 27.5 per cent. If the FTSE 100 falls in value over the term then the investor will receive their original investment back.

Leeds & Holbeck has joined the small but growing market for capital protected Isas. However it is not that competitive when compared to products like the M&G Protected Isa, which also invests in the FTSE 100 index but which has a return of up to 80 per cent of any growth in the index.

The FTSE 100 index rose from a level of 4,921 points on December 1, 1997 to 6,170 points on December 1, 2000.

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