advice on isa please
mike_riley
Posts: 7 Forumite
Quick question if anyone would be good enough to respond.
I continue to invest a monthly amount into a Marks and Spencers cash isa (and have been for over 3 years). Can i now at any point now invest into a stocks and shares isa? I am looking to invest approx a £2k lump sum.
Regards
Mike
I continue to invest a monthly amount into a Marks and Spencers cash isa (and have been for over 3 years). Can i now at any point now invest into a stocks and shares isa? I am looking to invest approx a £2k lump sum.
Regards
Mike
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I also have an M&S cash ISA. In conversation with my IFA recently about the possibility of having an investment ISA, he pointed out that my M&S product is strangley labelled as a MAXI ISA, even though it still is a cash deposit ISA with the expected £3k limit.
He advised me that I need to close this down (I needed to almost empty it recently anyway, so very little current balance) and open a proper MINI cash ISA with either Alliance & Leicester or Halifax.
In a nutshell, you can have one mini cash ISA and one maxi investment ISA at the same time, but not two maxis.
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billy_bulldog wrote:In a nutshell, you can have one mini cash ISA and one maxi investment ISA at the same time, but not two maxis.
No, you can only open a mini cash and a mini stocks and shares in the same year. A maxi ISA takes up your whole years entitlement on its own.:j The £2 CSC = £48 in carton£100 banked Mar 06V-Free : 4 weeks0
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