Mini and maxi ISAs

Skyfire · 22 Feb 2007 at 16:02

I have just closed down my full mini 3k cash isa, can I now open a Maxi 7k shares ISA in this tax year? :cool:

Majago · 22 Feb 2007 at 16:08

I think you could open one but not put more than £4k in - worth checking with more knowledgeable people though.

rpstewart · 22 Feb 2007 at 16:11

If you put anything into the cash mini ISA this tax year then I don't think you can put anything into a shares maxi ISA this year although you could put 4K into a shares mini ISA. Not sure if you could then convert that to a maxi one in April.

If you haven't put anything in since April 2006 then you should be able to put the full 7K into the maxi one OK.

Majago · 22 Feb 2007 at 16:14

rpstewart said:
If you put anything into the cash mini ISA this tax year then I don't think you can put anything into a shares maxi ISA this year although you could put 4K into a shares mini ISA.

Yes, this would be true - I automatically read it as putting the money into a mini 7k shares ISA.

Unfortunately you can't do both a mini and a maxi one in the same tax year.

edit: just found this website which might be of use to you - ISA Guide

Skyfire · 22 Feb 2007 at 17:00

Majago said:
Yes, this would be true - I automatically read it as putting the money into a mini 7k shares ISA.

Unfortunately you can't do both a mini and a maxi one in the same tax year.

edit: just found this website which might be of use to you - ISA Guide

Hmm. just read the guide.. does this mean you can open up a new MAXi ISa every tax year

e.g. year 1 = 1 maxi isa
year 2 = 2 maxi isas total
year 3 = 3 maxi isas total

:confused:

rpstewart · 22 Feb 2007 at 17:15

No you can only have one maxi ISA open at any one time. You can put £7K into that every tax year so:

Year 1 - Invest 7K
Year 2 - Invest 7K, total = £14K+gains
Year 3 - Invest 7K, total = £21K+gains

csmager · 22 Feb 2007 at 17:17

Skyfire said:
Hmm. just read the guide.. does this mean you can open up a new MAXi ISa every tax year

e.g. year 1 = 1 maxi isa
year 2 = 2 maxi isas total
year 3 = 3 maxi isas total

Yep - you didn't have to close the cash ISA if it was last used last tax year, for example.

I had a mini cash ISA when I was 16, added another £3k at 17, another £3k + £3k in a mini shares ISA (Fidelity) at 18 (due to a screw up where I accidentally put £200 in the cash ISA, so had to carry on!), £7k in a maxi shares ISA at 19 (Fidelity again), £7k in a different one at 20 (Invesco Perpetual) etc.