Mini ISA
Definition
An Individual Savings Account in which UK residents over 18 years of age can shelter up to £3,000 of cash and £4,000 of stocks and shares. In the current year to 5th April you can open up to two mini ISAs in any single tax year, and put a total of £7,000 into them.
- You don't have to open both. You could, if you want, just open a cash mini ISA.
- You cannot have two mini ISAs investing in the same component in any one tax year - for instance, two cash mini ISAs.
- 16 and 17 year olds can shelter up to £3,000 in a cash mini ISA but cannot invest in the shares component.
- You cannot switch between the types of investment held in a mini ISA - for instance, use the cash in a cash mini ISA to buy shares.
- You cannot open a mini ISA and also have a maxi ISA in the same tax year.
- If you want to invest more than £3,000 in stocks and shares, you need to open a maxi ISA rather than a mini ISA, since the limit in a maxi ISA is £7,000.
- The mini ISAs can either be run by the same manager, or you can choose a different manager for each.
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