Maxi/Mini ISAs

Marmot

Hi, I have a Fidelity Maxi ISA (stocks/shares one) which I will not put more than £4000 into this tax year. I would also like to start a cash ISA - ideally the N&SI one and put £3000 into this before the end of this tax year. But I'm a bit confused about whether I'm mixing the Mini/Maxi elements as I'm not sure whether I can do that....?

Any advice would be greatly appreciated!

Marmot

RayWolfe

No, if you opened a Maxi this year, however much or little you put in it, you can't open a Cash ISA in the same year. You should have opened a Mini Stocks & Shares, then you could have done a Mini Cash.

Marmot

Ah okay, thanks. So from reading the FAQs I think if I wish to have a Cash Maxi element to my ISA allowance for this tax year it has to be with Fidelity...? Thanks

masonic

Remember that the Maxi/Mini distinctions will be dropped from next April, so it may be worth finding out whether you can invest in the cash component with Fidelity (if they have a cash component) towards the end of the tax year, then transfer it at the start of the new tax year. That way you wouldn't lose your allowance.

Aegis

Marmot wrote: »

Ah okay, thanks. So from reading the FAQs I think if I wish to have a Cash Maxi element to my ISA allowance for this tax year it has to be with Fidelity...? Thanks

Your cash element of your maxi ISA has to be with the same provider as the stocks and shares element, yes.