Is there are new ISA wrapper for an old TESSA?

Previous | Next

Latest post Tue, Sep 23 2008 3:08 PM by Stephen. 3 replies.

Tue, Sep 23 2008 2:58 PM

Molly
Joined on Mon, Jun 2 2008
Burnham Market
Posts 13

Is there are new ISA wrapper for an old TESSA?

As ISA's have a limited of £3,600 whereas the TESSA had a limit of £9,000, does that mean I can only transfer £3,900 of the original amount?

I am with the Nationwide (not for much longer!) and my TESSA was rolled into a TESSA ISA which, unbeknownst to me, was actually a further five year bond. Its also paying a pretty poor rate of interest, far below the regular ISAs and even the regular 1 year bonds. So the tax wrapper has now become a red herring. Fortunately, it comes to maturity in November and I will want to move it.

So, my basic query is, is there a new ISA wrapper for an old TESSA or are the funds just converted back to ordinary cash that can only be used to put into this year's ISA allowance.

Thanks

Filed under: TESSA, Nationwide

Tue, Sep 23 2008 3:00 PM In reply to

Stephen
Joined on Tue, May 27 2008
Posts 243

Re: Is there are new ISA wrapper for an old TESSA?

You will be able to transfer your TESSA money into an ISA account. Please look at either the savings search “Transfer existing ISA account” http://www.moneyfacts.co.uk/searches/savings.aspx or check the products on the latest best buy section for “Transfer existing ISA account” http://www.moneyfacts.co.uk/savings/bestbuys/default.aspx

You will need to arrange for either your existing provider to transfer the money or your new provider to request that the money is transferred into the new account.

I hope this helps

Filed under: TESSA

Tue, Sep 23 2008 3:07 PM In reply to

Gail
Joined on Tue, May 27 2008
Richmond
Posts 9

Re: Is there are new ISA wrapper for an old TESSA?

Hello

Do you have any information on TESSA accounts? They are now defunct but I still hold one. Is it still possible to transfer? With all the banks scrambling for depositors' cash I thought now would be a good time to review the rates - but I can't find any information.

Filed under: TESSA

Tue, Sep 23 2008 3:08 PM In reply to

Stephen
Joined on Tue, May 27 2008
Posts 243

Re: Is there are new ISA wrapper for an old TESSA?

TESSA Accounts no longer exists and regulations changed in April this year so that TESSA only ISA accounts are now called Cash Isa’s.

Moneyfacts offers factual information and cannot offer specific advice. I have however provided two links to our website which you may find useful.

http://www.moneyfacts.co.uk/searches/savings.aspx

This link gives you the chance to enter your own personal details and compare savings accounts across the market

http://www.moneyfacts.co.uk/savings/bestbuys/default.aspx

This link will allow you to view our selection of Best buy products. If you have an existing ISA account you can view the Cash ISA's accepting transfers in.

I hope this is of help to you

Filed under: TESSA

Page 1 of 1 (4 items) | RSS