Types
of ISA
 Three types of ISA are available. (These are
different from the three methods of saving money described
under the section ISA Components.)
• Mini ISA
Mini ISAs are composed
of just one type of ISA. This can either be a Stocks & Shares,
Cash, or Life Insurance ISA. It is possible to purchase
multiple Mini ISAs, each
one being a different
type of savings, and under a different ISA manager.
• Maxi
ISA
Maxi ISAs are composed of different types
of ISAs under a single ISA Manager. A Maxi ISA
may have a number
of distinct
Cash,
Life Insurance and Stocks & Shares ISAs, provided
they are all under one ISA Manager
• TESSA-Only ISA
When ISAs were
formed, they effectively replaced Tax Exempt Special Savings
Accounts (TESSA) and Personal
Equity Plans
(PEP). TESSA-Only ISAs are available to allow
TESSA holders to open an ISA with capital from a TESSA
plan that has reached
its maturity.
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