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Nationwide puts Isa on the cake for Tessa holders

Nationwide Building Society has designed its Tessa Maturity Isa for savers who have matured tax exempt small savings accounts (TESSAS).

This Cat standard mini cash Isa allows investors to put their money in an instant access account that offers interest at 6.55 per cent gross a year.

Nationwide feels there will be a demand for this kind of product because many Tessa accounts are now reaching maturity, leaving investors wondering where to reinvest their nest egg.

The advantages of investing in this Isa is that savers get a higher rate of interest than they would from a building society account and can still have instant access to their money.

Non-Cat standard products may have higher interest rates than those which are Catmarked, but the drawback is that investors will pay higher charges and might not have instant access to their money.

The Nationwide product is a reasonable product, but its interest rate is not the highest on the market. According to Moneyfacts on December 7, 2000, Britannia Building Society&#39s Tessa Isa has the best interest rate at 6.85 per cent gross a year.

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