[1] The TESSA was intended to be a low-risk complement to the personal equity plan (PEP) which would be attractive to a wider range of savers.
An individual aged 18 or over was able to open a TESSA with a bank, building society or other financial institution from 1 January 1991[2] to 5 April 1999.
A specific requirement was the presentation of the applicant's National Insurance number, to ensure only one TESSA (tax free) account investment could be operated by the individual per year.
The final TESSAs matured on 5 April 2004, and the original capital (but not the tax-free interest) could again be 'rolled over' into a new income-tax-free investment, a TESSA-only ISA (TOISA).
This was a form of cash ISA that could be opened using either capital that was originally invested in a TESSA and that had not been withdrawn, or with funds transferred from another TOISA.