Mini ISA

What is a Mini ISA
A mini ISA is a tax free wrapper which allows a person to save or invest with all interest being paid tax free. It can be either a £3,000 cash savings account ISA or a £4,000 investment in the stock market which carries no tax liability for either Income Tax or Capital Gains Tax. The money can be taken at any time but the £3000 or £4,000 is the maximum amount of money that can be deposited into the account in a single tax year which goes from 6 April to 5th April the following year.  To be eligible to open an ISA you must be a UK resident over the age of 18.

Banks compete for customers by offering competitive interest rates for ISA.  You should search around to find the best one for you.
You are only entitled to one maxi ISA or one of each type of  mini ISAs per year.  Each year you can open an ISA with a bank of your choice.  It is simple to move ISA’s from one bank to another so you may consider moving last years ISA to the bank you have chosen for the current year.
Next...> MAXI ISA