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Mini/Maxi ISA's.
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former_student
Posts: 509 Forumite
I have a mini cash ISA and I know that each tax year I can save £3000 in it.
My question is what is the difference between a mini and maxi ISA and can a mini ISA be developed into a maxi ISA?
My question is what is the difference between a mini and maxi ISA and can a mini ISA be developed into a maxi ISA?
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A maxi ISA allows you to put up to £7000 in stocks and shares - it's not meant for cash.
If you want to have a cash element you go for mini ISAs. You then have a mini cash ISA (£3k) and a mini S&S ISA (£4k).
From April 2008, the mini and maxi definition drops and there will just be an ISA allowance of £7200 of which up to £3600 can be cash.0
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