Difference between ISA and Mini ISA

Nealmason1986

im confused whats the benifit and down points to each! and which is better

debbie42

It depend on whether you want to invest more in shares or not.
A maxi ISA can have 7K in shares. A mini ISA can have 3K in cash + 4K in shares, and you can split these between providers, so you could, say, have a NS&I mini cash ISA as well as a Halifax mini Share ISA.

Nealmason1986

so it has to be a mix of shares and money? what if you dont know how to buy shares. is it best to stick with a mini isa.

kingmonkey

Nealmason1986 wrote: »

so it has to be a mix of shares and money? what if you dont know how to buy shares. is it best to stick with a mini isa.

yes it is. The distinction between mini and maxi ISAs will be abolished next year.

cheerfulcat

Nealmason1986 wrote: »

im confused whats the benifit and down points to each! and which is better

There's only a difference if you're talking about a stocks and shares ISA; then, a mini ISA is the £4000 allowance, which allows you to put £3000 into a cash ISA as well. It's a totally daft distinction.

dunstonh

mini stocks and shares ISA doesnt mean you have to invest in shares. There are non-stockmarket options available for that as well. The most common investment type within stocks and share ISAs are unit trusts.