TESSA /ˈtesə/ noun abbreviation for
a Tax-Exempt Special Savings Account; in the past, a special type of account with a bank or building society in the UK, in which you could save money and you did not have to pay tax on the interest you earnt if you left the money there for at least 5 years. TESSAs were replaced in 1999 by ISAs.

[TahlilGaran] Dictionary of Contemporary English ▲