Maxi ISA
Definition
An Individual Savings Account which places all ISA money for the tax year with a single plan manager.
A maxi ISA:
- must offer investment in shares, including unit and investment trusts.
- may offer the cash ISA component, but doesn't have to.
- has an overall subscription limit of £7,000 in any one tax year.
- has individual component limits in any one tax year as follows:
- shares: balance up to £7,000
If you take out a maxi ISA, you cannot also take out mini ISAs or another maxi ISA in the same tax year.