There are two main types of ISA — the Mini and the Maxi. Investors can put up to £7,000 in a Maxi ISA or up to £3,000 in a Mini ISA. (Both limits are to be reviewed in 2006.) However, they cannot invest in both types in the same tax year. Investors cannot take out a Maxi ISA with more than one provider in each tax year.
Alternatively, investors can choose to open one Maxi ISA in any tax year: all £7,000 in stocks and shares, or cash up to £3,000 and/or life insurance up to £1,000 with remainder in stocks & shares, taking the balance up to £7,000.