What happens to Mini ISA after 3 years?

MimiJane

Just wondering what happens to the amount invested in a Mini ISA after the 3 years period is up? Does it still earn interest at the tax free amount if the money's left in there? Does it languish there doing nothing? Are you notified when the 3 years is up to withdraw it?

Grateful for any advice.

Mimi x

tanith

I don't have any ISA's with a 3yr limit so not sure what you mean If your particular ISA has a limit I would imagine that if left alone it will continue to accrue interest.. I am sure someone more in the know will be along ....

RayWolfe

Tell us what account you have and we can give some help. There are many different ISAs out there and they are all different.

oldfella

ISAs continue indefinitely, or until the govt changes the law

if its a 3 year fix, then normally it will transfer to the providers standard ISA

MimiJane

Sorry if I've misled. As far as I'm aware, you're able to put a fixed amount in for every year over a three year period. Just wondered what happens to your money after the 3 years is up and if it continues to accrue interest and if you're able to leave it there indefinitely.

I plan to invest in an Ice Save account.

dunstonh

There is no 3 year period. You are thinking of Tessas which existed in the 90s.

ISAs have a £7000 limit to contribute per tax year (£7200 from next tax year). As long as you dont exceed the contribution limits then you can hold on to the ISA forever (or until the Govt change the rules again).

MimiJane

Isn't the £7000 limit for a Maxi ISA? I thought the maximum you can pay into a Mini ISA this year is £3,600?

debbie42

MimiJane wrote: »

Isn't the £7000 limit for a Maxi ISA? I thought the maximum you can pay into a Mini ISA this year is £3,600?

I think the names (mini/maxi etc.) may be changing next year, but, yes, you can pay a max of £3600 next tax year into a cash ISA (depending on other contributions made to a S&S ISA). The two combined can't exceed £7200.