advice on isa please

mike_riley

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

grumbler

Yes.
See Sticky: ISA FAQ => Can I open a Cash and Stocks & Shares ISA?

billy_bulldog

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.


bb

micheleen

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.