Individual Savings Accounts (ISAs)

What are the different sorts of Individual Savings Account?

There are two types of ISA: Mini ISAs and Maxi ISAs. You can put money into either of them in any tax year, but you cannot put money into both a Mini ISA and a Maxi ISA in the same tax year.

• A Maxi ISA can include cash, stocks and shares and life insurance in a single ISA with one manager.
• Mini ISAs mean you can have separate ISAs, which could be with the same or different ISA managers.

  Until 5 April 2005, there are three types of Mini ISA

  • cash
  • stocks and shares, and
  • life insurance.

After 5 April 2005, life insurance is merging with stocks and shares so there will only be two types of Mini ISAs.

There are other differences between Maxi and Mini ISAs, and ISA managers can advise you about these. For more detailed information go to 'How much can I put into ISAs'.