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Maxi and Cash Isa
malcolmhodson
Posts: 2 Newbie
I have a maxi Isa that I put £150 per month into. My question is can I also take out a separate Cash ISA in the same financial year, there by paying into both ?
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Comments
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No you cannot. A MAXI commits you to the £7000 allowance with one provider.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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In view of the amount you're paying in [£1800 based on £150pm] you made a mistake opening a MAXI ISA.
Had you opened a MINI S&S ISA you could have paid in up to £4K a year AND opened a MINI cash ISA into which you could have paid another £3K. There's nothing you can do about it this tax year as dunstonh says.
Next tax year [6/4/08] the mini/maxi distinction ends and you will have an overall ISA allowance of £7.2K of which up to £3.6K can be in a cash ISA.0
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