Tessa twos set for take-off

Article Abstract:

UK tax-free savings plans, or Tessas, have a five year period to maturity and many plans should mature in 1996. Savers are able to use their returns and start another savings plan. Banking institutions are keen to encourage savers to do this. There is a limit of 9,000 pounds sterling that can be invested in a second savings plan. Shares can offer higher rates of return, but can also involve risks. Tessas are a safe option for savers who have not reached the limit that can be invested.

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Take up your Tessa rights before the axe falls

Article Abstract:

Tax exempt special savings accounts (Tessas) are United Kingdom savings accounts with tax benefits which are only available until April 1999. Savers have to lock in their funds for five years in order to obtain the tax benefits. There is a limit of 9,000 pounds sterling with a 3,000 pouds limit for the initial year. Accounts may offer fixed or variable rates, and investors should assess whether they foresee rises or falls in interest rates when taking a decision.

Commercial Banking, Personal Tax Planning, Savings Institutions, Savings Account Services, Personal finance

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Savings accounts can damage your health

Article Abstract:

Many UK instant access accounts pay less than inflation after tax. Savers should compare their accounts with the best rates in the market and consider postal accounts which usually offer better rates. Non-taxpayers need to register in order to avoid automatic tax deductions. Tax exempt special savings accounts should be considered for long-term savers. Investment trusts and unit trusts tend to offer better returns than savings accounts.

Banking industry

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