TESSA

TESSA (Tax Exempt Special Savings Account) - these were special deposit accounts created to encourage people to start saving, by allowing them to take all interest tax free, provided they were held for five years.

No new TESSAs could be opened after 5th April 1999, so they no longer exist, but any TESSAs that matured after this date could be rolled over into a TESSA Only ISA (TOISA) so that savers could continue to receive tax free interest.