ISA savings, now with less jargon.
The terms Mini ISA and Maxi ISA were quite confusing for some, and even though these terms are now deprecated, and the ISA investment system has been simplified, people still refer to the terms Mini and Maxi ISAs.
Now, to replace these savings accounts, you have simply Cash ISAs and Stocks and Shares ISAs. The names should explain most everything, the Cash ISA is for saving cash, and the Stocks and Shares ISAs are, no surprise, for your Stocks and Shares ISA investment.
Their are still rules for the amount you can invest each financial year into each type of account. There is an overall limit of (at the time of writing) of £7,200 you can save away from the tax man in your ISA accounts. A maximum of £3,600 can be in cash savings, the rest in Stocks and Shares ISAs, however if you only want to invest £1,000 in cash, you can make up the remaining £6,200 in a stocks and shares ISA.
So as you can see, the new format for ISA savings is slightly less convoluted and more straight forward than previous years, with only two types of ISA investment accounts available, as opposed to two kinds of mini ISAs and one type of combined maxi ISA.