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Maturing Tessa holders looking to reinvest

Most investors whose Tessas mature this year will reinvest some of their returns according to research carried out by Mori for HSBC.

Of the 575 Tessa holders questioned 43 per cent were planning to reinvest all the maturing capital and interest, with a further 17 per cent intending to spend some but invest some.

Understanding of reinvestment rules was low with 60 per cent not knowing what their allowances were.

HSBC head of savings David Wells says: “a Tessa-only Isa is the obvious choice for maturing capital, but for reinvesting the interest earned Tessa holders should seek advice.”

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