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Keep your eyes on the Isa fine print
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The Isa rules
With the changes to Isas that come into effect on 6 April, the importance of transfers and their conditions is likely to become even more significant.
Savings limits will be raised from £3,000 to £3,600 for cash Isas and up to £7,200 in total for cash and stocks and shares, or for a stocks and shares Isa on its own.
But the rules are still important for those that haven’t yet used their Isa allowance for this financial year.
You can save up to £3,000 in a cash Isa until 5 April – and take all your returns free of income tax or capital gains tax.
Earn more interest
Mini and maxi Isas
A maxi Isa is a single account split into two parts, allowing you to invest up to £3,000 in cash and £4,000 in stocks and shares.
Alternatively, you can invest the whole £7,000 in stocks and shares.
If you’ve already taken out a cash Isa this financial year then you can’t take out a maxi Isa of up to £7,000, but you can take out a mini stocks and shares Isa which has a £4,000 investment limit.
The potentially confusing distinction between Maxi and Mini Isas is to be abolished on 6 April, making it even easier for you to get tax-free money.
Next: Compare the best Isa offers to find one for you >>
