Monday, January 16, 2006

ISAs Part 2: Mini & Maxi

ISAs come in 2 flavours Mini & Maxi.
In each tax year you choose whether to have Mini or a Maxi, you can’t have both.
The company supplying your ISA is called your ISA Manager

Here are the differences

Mini: Minimum Age 16 (for Mini Cash ISA)

You can invest your money in either of the following

Cash: up to £3,000
Stocks and shares: up to £4,000

You can have a different ISA manager for each part (Banks forget to tell you….)

Maxi ISAs: Minimum Age: 18

With a maxi ISA, you can mix and match how you spread your money as follows, subject to an overall tax year investment limit of £7,000:

Cash: up to £3,000
Stocks and shares: up to £7,000

You can only pay into one maxi ISA in a tax year and all your investments must be held with the same ISA manager.

ISA Deadline 5 April. Use your Allowance or Lose It!

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Related: ISAs Part 1, Best Share ISAs, Maximise ISA Potential, ISA Deadline 5 April
Banks are Coy About Part 1 , Award Winning Current Account, Financial Advice: 1st Question to Ask

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