Glossar

TESSAs

TESSAs, Tax-Exempt Special Savings Accounts, were launched by the Government in January 1991. TESSAs allowed savers over 18 to set up a special account at a bank or building society in which interest held in the account for 5 years would be tax-free. The maximum contribution was £9000 over 5 years and they have since been replaced by ISAs (Individual Savings Accounts).