ISA - Maximum amount

With

I was under the impression that 3k was the maximum you could save in terms of ISA savings. I've received a letter from the Halifax that states I can put 3k into a cash ISA and 4k into a shares ISA. I thought you could only save 7k if it was all in a shares ISA! (please, I'm new, laughing isn't helpful!)

So, is it correct: can I open a shares ISA as well as keeping my cash ISA?

debbie42

Yes.
If you have a 3K cash mini-ISA, you can still have a 4K stocks and shares mini-ISA. You just can't contribute to both minis and maxis in the same financial year.

dunstonh

If you do go down that route, don't use the Halifax though. Their ISA funds are poor.

debbie42

That assumes the OP wants to use funds? I'd have thought they were ok for self select stocks and shares ISAs? I don't use them for that myself, but do quite happily for non-ISA S&S.

With

debbie42 wrote: »

Yes.
If you have a 3K cash mini-ISA, you can still have a 4K stocks and shares mini-ISA. You just can't contribute to both minis and maxis in the same financial year.

Se if I am understanding this correctly: As long as the cash ISA and the Shares ISA are both mini I can save into them both in the same year? However, I cannot save into any mini ISA and a maxi ISA in the same year?

I could make up lots of reasons for my slow wit, but being slightly dippy about things sums me up nicely.

debbie42

With wrote: »

Se if I am understanding this correctly: As long as the cash ISA and the Shares ISA are both mini I can save into them both in the same year? However, I cannot save into any mini ISA and a maxi ISA in the same year?

That's right, and as you can have the mini isas with different providers, you can shop around.
You can also transfer ISAs between providers (although not all accept incoming transfers). I've just switched a cash ISA from the Halifax as their interest rates weren't currently competitive.

With

Thanks for that info. Debbie! .