ISAs
If you decide to take out an ISA, you need to decide whether you want a maxi or mini ISA. The right choice for you depends on your needs and goals. But what is the difference between maxi and mini ISAs?
Maxi ISA
A maxi ISA lets you put your money into a choice of two components - stocks and shares or cash - out of those offered by the ISA manager. Once you have invested in a maxi ISA, you can't take out another ISA (except for a TESSA-only ISA) in the same tax year.
You can invest up to £7,000 in a maxi ISA in the current tax year. You can invest your full £7,000 in stocks and shares component of a maxi ISA. If opting to invest in both components, you can invest up to £4,000 in the stocks and shares component, and £3,000 in the cash
Mini ISA
A mini ISA offers the same components - stocks and shares or cash - as a maxi ISA but you can choose to use a different ISA manager for each component.
You can still invest up to £4,000 in the Mini Stocks and shares component, and up to £3,000 in the cash element, but are able to use different providers.
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