What type of ISA can I have?
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The are two types of ISA (Individual Savings Account) you can hold. The Mini and the Maxi Individual Savings Account, and you have to select either, a Mini, or a Maxi for each tax year. Mini ISAYou can hold up to three mini isa's, but they must be separate products. For instance a mini cash ISA, an insurance ISA, and a share based ISA - totaling a maximum of £7000.Until the 5th of April 2006 you can hold, in Mini ISA's, up to: £3000 in a mini cash ISA, up to £3000 in a mini stocks and shares ISA, and up to £1000 in an mini insurance ISA. Maxi ISAYou can only hold one. It can be made up of three separate components, one of which must be stocks and shares based - again the maximum is £7000.In a Maxi ISA, up until April the 5th, 2006, you can again hold: £3000 in cash, up to £1000 in insurance, but up to £7000 in stocks and shares - minus anything up have invested in cash and insurance (a maximum of £7000). There you have it, a simple summary of Mini and Maxi ISA's. A couple of the better products, at the time of writing, include: |
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what type of isa can i have?