Definitions for "Individual Savings Accounts"
Keywords:  tessa, pep, isa, mini, april
This is a Tax-free account, the rules of which are set down by legislation. Northern Rock offers Mini Cash ISAs and TESSA only ISAs.
Isas are government approved investments that allow you to tuck away up to £7,000 a year in tax-free investments. They were Introduced in 1999 to replace Tessas and Peps.
An account that is tax efficient and its purpose is to hold your savings. ISA’s came into effect in 1999 and replaced PEP’s and TESSA’s.