Mini Cash ISA Rates
Mini Cash ISA Rates
Mini Cash ISA rates no longer exist because, as of April 6 2008, tax free savings rules changed, and Mini Cash ISAs were replaced by Cash ISAs. Previously, there were three types of ISA:
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Mini Cash ISAs - Invest up to £3,000
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Mini Stocks and Shares ISAs - Invest up to £4,000
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Maxi ISAs - Invest up to £7,000; either put the entire amount into the 'stocks and shares' component or up to £3,000 into the 'cash' component and the rest in the 'stocks and shares' component
Now there are are just two types of ISA:
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Cash ISAs - Invest up to £3,600 per tax year
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Stocks and Shares ISAs - Invest up to £7,200 per tax year.
All Mini Cash ISAs and the 'cash' components of Maxi ISAs have automatically been reclassified as Cash ISAs, while Mini Stocks and Shares ISAs and the stocks and shares components of Maxi ISAs have automatically been reclassified as Stocks and Shares ISAs. You may now invest into both a Cash ISA and a Stocks and Shares ISA during one tax year, as long as you do not put more than £3,600 into the Cash ISA, and the combined investment between the two ISAs does not exceed £7,200.
Mini Cash ISA rates were tiered, so the higher your investment, the higher the return will be and worked in much the same way as a standard savings account but are tax-free. Cash ISAs work in the same way, and rates will be similar to the Mini Cash ISA rates of last tax year.
Because interest rates and other factors vary from one provider to the next, if you want to find the best Cash ISA rates then it is important to shop around. You can compare ISAs from some of the leading providers and find the one that is right for you by using the table below:
Alternatively click on ISA advertising links below:
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Please bear in mind that:
Investment ISAs are designed as medium to long term investments, for example at least five years.
The value of your investment and the level of any income received from it can fall as well as rise and is not guaranteed and you may not get back the amount of your original investment.
The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.
If you choose an index-tracking trust which invests overseas, exchange rate variations may cause the value of your investment to increase or decrease.
If you unsure what Investment ISA plan is right for you speak to an independent investment adviser.