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English definition of “TESSA-only Individual Savings Account”

TESSA-only Individual Savings Account

noun [C]
 
 
( 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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