Did you move your Tessa money? Poll discussion 5 June 2007 at 11:16AM in MoneySaving polls 8 replies 2.7K views

Former_MSE_Lawrence

Did you move your Tessa money into a Toisa/Cash ISA (ie when your Tessa matured did you keep it tax free) and if so have you moved it since you originally put it there (read more about Toisas and how to increase the interest)?


A. Not got any money in a Toisa

B. Got my Toisa, but haven't moved it since I put it there

C. Got my Toisa and have transferred once to up the interest

D. Got my Toisa and regularly check and move the money to up the interest.


Please vote here or click reply to discuss.

Thanks

Ken68

Confess to not having moved it in 5 years, thought it was fixed rate. Due in August and as it is 5.55% and an expected rate rise is due will leave it until then.
Thank you for the alert.

bridgfordboy

Kent Reliance BS have teh following account currently paying 5.96% which takes transfers from ISAa and TOISAa.

http://www.krbs.co.uk/directisa.aspx

Daisy_Bell

I had an original Tessa in a Building Society, where the interest went down and down. There was a penalty to move it and so I complained to Moneybox on BBC. They did a feature on it and to cut a long story short, the Ombudsman eventually got involved and I was able to move it to get a higher interest rate, plus I got compensation for loss of interest for the time I was unable to move it. I changed it to a Toisa and last year converted it to a separate fixed rate cash ISA. When it matures, I shall combine it with my other ISA unless I can get a better rate with a fixed rate ISA with the same society. I've moved my ISA several times for more interest, but each time, there was so much hassle and uncertainty, with one society saying one thing and providing one sort of form and the receiving society saying another and having yet different forms, that I have now got the whole lot in a sort of 'Loyalty Bond' ISA with the Buillding Society I bank with and which increases the interest the more you have in the Bond. However, I have noticed that now this Building Society (Nationwide - I might as well tell you) has now got a new fixed rate cash (instant) ISA that pays more interest than their Loyalty ISA Bond, even though you have to give quite a lot of notice to withdraw! So much for loyalty! Grrrr.

JillD_2

Stuck (only £3k but hey) it in a cash only isa (is that a toisa ?)
Then earlier this year we needed some cash so I took £3k out of my cash only ISA thinking I would trickle it back in - then realised I accidentally took it out of the tessa only isa which of course is now closed so I have lost that tax feee saving HOW CROSS AM I WITH MYSELF ?:mad:

baby_boomer

Why does the poll not allow you to answer the poll question ?

Did you move your Tessa money into a Toisa/Cash ISA

There is no slot for:

"I had a Tessa but I stupidly forgot to transfer it to a TOISA within the six month deadline and so lost the tax free interest like a complete muppet."

A - "I've not got any money in a TOISA" - will have been ticked both by people who had TESSAs and people who never had TESSAs.

I'm afraid the poll as it stands is invalid .

Ken68

Leeds seem to be offering a 6 year lock in at 10%
http://www.searching4finance.co.uk/index.asp?d=1&p=*investment%2Fcash_isa_rates&s=leeds+10%25+cash+isa

Shiggaddi

I had a Tessa with the Birmingham Midshires as it was, and that expired about 5 years ago. I then moved the money over to the Portman who were offering good rates on notice ISAs at the time.

Although there are better rates around, I first saw of a penalty to transfer to another provider, even if the notice is served out. As I am still unsure when I'll get on the housing ladder, I thought it would be better to keep it there, rather than pay £30 to take it out.

Then there was the talk about the merger with Nationwide, and since that deal is in process, I'm keeping my money there for the time being. Maybe once it becomes part of Nationwide the Portman might remove the fee for transferring to another provider, or even better, pay a market leading rate.

Former_MSE_Natasha

Poll Started 05 June 2007: Did you move your Tessa money into a Toisa/Cash ISA?

Did you move your Tessa money into a Toisa/Cash ISA (ie. when your Tessa matured did you keep it tax free) and if so have you moved it since you originally put it there (read more about Toisas And How To Increase The Interest)?


A. Not got any money in a Toisa - 50.3% (996 votes)
B. Got my Toisa, but haven't moved it since I put it there - 28.4% (562 votes)
C. Got my Toisa and have transferred once to up the interest - 12.3% (244 votes)
D. Got my Toisa and regularly check and move the money to up the interest - 9% (177 votes)


Total Votes: 1979

Thanks to all who voted