Tessa teaser

By THIS IS MONEY
Updated:

 

CAN you move your money from one follow-on Tessa Isa to another whenever you want? NB, Lincoln.

Anna Bowes, independent financial adviser with Chase de Vere says: Can you switch it? Yes you can!

Many variable rate Toisa rates have dropped recently so it's a good time to check you are getting the best deal. You can choose from variable-rate Toisas or guaranteed stock market-linked Toisas which guarantee your capital back plus a percentage of the growth of the indices they track.

But when transferring look out for transfer penalties which some Toisa providers impose - check with yours. When you have chosen the Toisa you want to transfer into, contact the company which runs it and tell them you want to transfer - they will sort it out for you and it will go straight from one company to the other. Don't cash in your Toisa at any point or you will lose the tax advantages forever.

Chase de Vere offers a free guide to transferring Toisas, from 0800 0845 609 or go to www.chasedevere.co.uk.

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