Tessa

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Tessa

childlike young woman who thinks herself wedded to Tito and obeys his command to tell nobody of their supposed marriage. [Br. Lit.: George Eliot Romola]
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Banks were far out-performed by building societies who made up 17 of the top 20 best TESSAs.
For TESSAs due to mature between now and April the present rules still allow up to pounds 9,000 of capital from the maturing account to be rolled into a new follow-up one.
Around pounds 5billion worth of TESSA savings plans are due to mature in the first quarter of this year.
Although Tessas are no longer available, you can still protect the tax-free status of your original capital by re-investing into a Tessa-only Individual Savings Account, or Toisa, but the accrued interest or bonuses can't be held under the tax-exempt tag.
Chancellor Gordon Brown replaced TESSAs with cash Individual Savings Accounts or ISAs into which you can invest up to pounds 3,000 a year - and get your money at any time without penalty.
Currently 750,000 investors have more than pounds 50,000 in Peps and Tessas. But in 1999, any surplus they hold over pounds 50,000 will for the first time become liable to tax.
Don't forget TESSA when you spring clean your financial wardrobe this year.
A high Street bank have produced a guide to help people whose TESSA savings plans are about to mature.
Norwich and Peterborough Building Society was left facing payouts of about pounds 1.3 million after the Building Societies' Ombudsman ruled it had treated Tessa account holders unfairly in a test case in December.
Now investment firms are taking advantage of them by lowering the rates on TESSAs and are offering better deals to newcomers starting new ISA accounts.
In fixed-rate TESSAs, West Bromwich Building Society pays a top 7.45 per cent on pounds 9,000, with a 180-day loss of interest, plus a 28-day notice period.
TESSAs were first introduced in January 1991 and so the five years are up for those who took one out right away.