Paying in to two isa's...advice needed please

newsaver456

Hello, I'm new to the forum today.

Back in September 2005 I was advised by a local IFA to open a Sterling Maxi isa.
I told the IFA at the time that I already had a Bank of Scotland mini cash isa, and he said that was ok and advised me to put 75% of my monthly savings onto the Sterling isa, and the rest into the BOS mini cash isa.
I am currently paying £120 / month into the Sterling isa and £40 / month into the BOS mini cash isa,(which I have recently changed to Halifax Isa Saver for better interest.)

I realise now that I should only be subscribing to one isa in the same tax year and am worrying what the implications of this will be.
The Sterling Maxi isa has made very little interest and I have been thinking of cashing it in and putting the money in a savings account.

What do you think I should do, please ?

oldfella

if you contribute to a maxi isa you cannot also contribute to a mini isa in the same tax year

suggest you cancel one of them, explaining to the provider it needs to be unwound

Mike

PBA

Are you sure the Sterling ISA is a maxi, not a stocks & shares mini? You can pay into a cash mini and a stocks & shares mini in the same year. If you've been paying into a cash mini and a maxi every month for nearly 2 years I'd be surprised if the Revenue hadn't spotted this already.

RabbitMad

Its almost certain that you opened a mini stocks and shares ISA with Sterling. Your paper work should tell you. Alternatively give their friendly indian call centre a ring and ask them.