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Portman pull TESSA penalty

Portman Building Society is withdrawing the transfer penalties on all its variable interest rate TESSA products.

The move follows recent concern from the Banking Code Standards Board on transfer penalties.

As a result Portman is withdrawing the 180 days loss of interest penalty for customers closing or transferring their variable rate TESSA.

Portman Group Communications Manager John Gully says: ” I hope that our decision will reassure our variable rate TESSA holders that we intend to continue to pay consistently good rates of return and that we are confident of retaining their business.”

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