TESSA-only Individual Savings Account Meaning in the Cambridge English Dictionary Cambridge dictionaries logo

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

"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 ​savingsaccount) into which you can put ​money from a TESSA: Tessa ​holders can ​carry on ​earningtax-freeinterest 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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