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ISA managers will give you details of the ISAs they offer and may provide advice about which one would be right for you. (Not every ISA manager will offer both types of ISA.) Alternatively, you could go to an independent financial adviser for help in choosing the best option. The Financial Services Authority's booklet ‘The FSA guide to financial advice’ gives more information. You can get it by calling the FSA Consumer Helpline on 0845 606 1234 or from their website. Simply apply to the ISA manager of your choice. You could visit a branch, or write to them. Some companies allow you just to telephone, fax or e-mail.

The ISA manager may pay interest on this cash while it is held in the account. There is no income tax to pay on this interest, but the manager by law must deduct a flat rate 20% charge before crediting it to the account. You do not have to declare this interest on a tax return.

Whether you choose a Maxi or a Mini ISA in any year is up to you, but remember...
- if you want to invest more than £4,000 in stocks and shares, you must open a Maxi ISA
- if you want different ISA managers for different kinds of saving, you will need Mini ISAs
- always shop around for the arrangement that will give you the best deal or is most convenient.

If you have put money into a Mini cash ISA in the tax year in which you reach 18, you can go on doing so on and after your 18th birthday, subject to the normal limit. Once you have reached 18 you can also apply to open a Mini stocks and shares ISA. You will have to complete a new application in the same way as any other investor.

You can take your money out at any time without losing tax relief.

A Maxi ISA is a single ISA with one manager, which can include ‘cash’ and ‘stocks and shares’. Mini ISAs mean you can have separate ISAs, which could be with the same or different ISA managers. There are two types of Mini ISA - cash and stocks and shares. There are other differences between Maxi and Mini ISAs, and ISA managers can advise you about these.

All ISA managers must be approved by the Inland Revenue and authorised by the Financial Services Authority (FSA), but neither they nor any other Government Department have approved any ISAs.

You can transfer your ISA to another ISA manager whenever you want. You can usually transfer simply by asking the new ISA manager to arrange the transfer. Your existing ISA manager cannot stop you transferring, but they may make you pay a charge, or insist that you sell any existing ISA investments and transfer cash (this will be specified in the ISA manager’s terms and conditions). You may want to consider this when taking out an ISA.

If you paid into an ISA insurance policy before 5 April 2005, you can continue paying into that policy after 5 April 2005. But if you also subscribe to either a Mini cash or a Mini stocks and shares ISA component you may have to rearrange your savings.

If you change your mind after the ‘cooling-off’ period, or in a case where there is no cancellation or cooling off period, the money you have invested will count towards your ISA annual subscription limit and your choice of a new ISA will be restricted to another ISA within the same component in that tax year. However, you could transfer the existing ISA to another ISA manager.

Cash ISAs may be suitable for short-term savings, so that you can get at your money easily.