Tessa only ISA maturing - what should I do?

inkie

I have the above account maturing next month - with a balance of just over £4000. It is with the B & B.

ONe option I have is to keep it with them for another 3 yrs - but as this is a Tessa only ISA their conditions are that I can't make further investments.

What would you do?

I also have current FD ISA and also
Previous years Halifax ISA

Any ideas appreciated

Cheers - Inkie:rolleyes:

Kazza242

inkie wrote:

I have the above account maturing next month - with a balance of just over £4000. It is with the B & B.

ONe option I have is to keep it with them for another 3 yrs - but as this is a Tessa only ISA their conditions are that I can't make further investments.

What would you do?

I also have current FD ISA and also
Previous years Halifax ISA

Any ideas appreciated

Cheers - Inkie:rolleyes:

A Tessa-only ISA is really now thought of as a mini cash ISA. Therefore I would look for the best (non-bonus) interest rate available on a mini cash ISA that accepts transfers. I know that Halifax accept transfers into their ISA Saver Direct (4.75%) and 1 year fixed rate isa (5%). They treat TESSA-only ISA's as mini cash ISA's.

You could also look into the B&B E-ISA that currently pays 5%.

Check out the following websites for more options:

http://www.moneyfacts.co.uk/savings/charts/savings_mini_cash_isa.htm

http://www.moneysupermarket.com/Savings/Default.asp

djohn2002uk

Make sure you check the rates first whatever you do. We have mini cash ISAs and a Tessa only ISA. We have left the Tessa only ISA alone since they ceased simply because the rate has always been .5% higher than the mini cash ISAs, so we are still putting max allowance in the ISAs each year and see no reason not to let the Tessa sit there.

shopndrop

As far as I am aware, B & B are currently paying 4.3% on TOISA but 4.75% on ISA Capital Saver.

EagerLearner

I recently moved my Tessa from First Direct to National Counties Building Society and have had excellent service to date.

Also, with NC it will be 'out of sight out of mind' which will stop me getting tempted - with First Direct I could make a withdrawal at any time ;o)

EagerLearner