Practical Law UK Glossary 5-107-7369 (Approx. 2 pages)
Glossary
Tax exempt special savings scheme (TESSA).
A special bank or building society savings account that offered tax-free interest provided that the account was maintained for a fixed period of five years. TESSAs were replaced by individual savings accounts (ISAs) from 6 April 1999 although TESSAs opened before that date can continue to run to maturity under the normal TESSA rules.