Meaning of “TESSA-only Individual Savings Account” in the English Dictionary

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"TESSA-only Individual Savings Account" in Business English

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TESSA-only Individual Savings Accountnoun [ C ]

uk us abbreviation TOISA

BANKING, FINANCE a form of ISA (= a type of savings account) into which you can put money from a TESSA:

Tessa holders can carry on earning tax-free interest by transferring their capital to a TESSA-only Individual Savings Account.

(Definition of “TESSA-only Individual Savings Account” from the Cambridge Business English Dictionary © Cambridge University Press)

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