Bitstring , from the wonderful person Menno said
If you have made no payments into an ISA in the current tax year, then you are free to do whatever you want (within the rules) by way of mini/maxi etc. with whatever providers you like. The only rules relate to a tax year -there is no 'look back or 'carry forward' effect.
I currently have a Maxi Cash Isa (paid into it in the previous tax > year). >
> I was wondering if it is possible to convert it to a Mini Cash Isa in
> the future. The reason I ask is in case in the future another Mini
> Cash Isa gives better rates than my current Maxi Cash Isa. There dont
> seem to be as many options in the Maxi Cash Isa market.
There is no such thing as a maxi-cash ISA. Presumably you have a cash element in a Maxi ISA. You should be able to transfer that cash element to another ISA provider, who would make it a mini-cash ISA for the tax years in question. Any share element in the maxi-ISA can stay where it is, or be moved separately to another ISA provider.
Sorry I should have been clearer, yes I mean the cash part of the Maxi (it just happens to be only cash in it).
So you are saying I can transfer my previous years payment from the Maxi cash element into a better paying Mini Cash Isa, and then still be eligible for making the full payment into the Mini Isa for this tax year?
Thanks for the help, Menno
Yes, but it will be a maxi-ISA for the original year in which it was taken out. He says there is only cash in it.
He can still start a fresh mini-cash ISA for the current year.
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