Previously, each adult in the UK had a tax free allowance of £7,000, up to £3,000 of which could be invested in cash, either in a mini cash ISA or into the cash component of a maxi ISA.
The rest could be invested into stocks and shares, either using the stocks and shares component of a maxi ISA or by having a mini stocks and shares ISA, which allowed up to £4,000 investment, or the entire £7,000 could be invested into stocks and shares in a maxi ISA.
This changed in 2008, with cash ISAs
and stocks and shares ISAs
replaicng the mini and maxi ISA system. The total annual allowance can be invested in a stocks and shares ISA and half the annual allowance in a cash ISA. Both types of ISA can be invested in during a tax year as long as the total amount invested does not exceed the limit for that year.
All mini cash ISAs, the cash components of maxi ISAs and TESSA Only ISAs were reclassified as Cash ISAs
All mini stocks and shares ISAs, the stocks and shares components of maxi ISAs and PEPs were reclassified as Stocks and Shares ISAs
If you were looking to compare maxi ISAs, you may want to compare stocks and shares ISAs, where you can invest your full ISA allowance in a tax year.
Cash ISAsStocks and Shares ISAs
Compare leading investment funds available as stocks and shares ISA investments: