ISA advice please!

Micawber_2

My wife and I have a Mini ISA account each with Natwest with about £20 in each. We haven't paid anything in for about 2 years after having to withdraw the money we did have in due to finanical difficulties.
Anyhow, we are just about getting to the stage where we can start to save again.
My question is can I just go ahead and open a new ISA account (I know there are better rates out than with the Natwest).
Also, how do they work. Say I save £3000 in the next tax year, does that mean I can add another £3000 the next, therefore getting interest on £6000, and so and so forth? Hence, in 10 years I could have £30,000 tax free savings + interest?
Also, I have about £500 to save now. If I open an account this month before the April tax year, does that mean I can still pay in £3000 next year?
Sorry if these seem dumb questions but I'm only just getting to grips with my finances!
Thanks

MJSW

You are basically correct with all your assumptions.

Yes, you can just open another ISA without telling NatWest.
Yes, you can add £3000 per tax year (At least for the time being. There were proposals to reduce this to £1000 per year, but it now looks as though the £3000 limit is here for a few more years. The Chancellor is currently 'consulting' on this, but it's hard to see anyone requesting him not to keep the limit at £3000 and reduce it back to £1000!)
Yes, you could in theory build up £30,000 plus interest after 10 years (although bear in mind ISAs were initially introduced for a period of 10 years and are due to end in 2009, so obviously you could only do this if ISAs are extended beyond 2009 and the limits are kept at £3000 pa)
Yes, if you put in £500 before the end of the current tax year, then you can still pay in £3000 next year.

Micawber_2

Thanks MJSW - maybe i'm not so dumb after all!