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ISA cash, savings and investments must always remain in the same component. You cannot move funds from, say, a cash ISA with one manager to a stocks and shares ISA with another. A particular ISA may only allow certain types of savings or investments. For example, some collective investment scheme and life insurance products may fall into the cash ISA component so they can only be transferred into another cash ISA, but not all cash ISA providers sell insurance or investment products. If you are not sure what type of savings or investments you hold you should ask your ISA manager. If you want to include savings and investments that are not available for your ISA, you may have to transfer to another manager.

Crown employees, such as diplomats or members of the armed forces, who are working overseas and paid by the Government are eligible to open an ISA. The spouse of one of these people can also open an ISA. You cannot hold an ISA jointly with, or on behalf of, anyone else.

What can the stocks and shares component include? The stocks and shares component of an ISA can include
-shares and corporate bonds issued by companies listed on a recognised stock exchange anywhere in the world
-gilt edged securities (‘gilts’), similar securities issued by governments of other countries in the European Economic Area and ‘strips’ of all these securities
-units or shares in UK authorised unit trusts or open ended investment companies (OEICs) which invest in shares and securities (called securities schemes and warrant schemes) and fund of funds schemes which invest in them
-shares and securities in approved investment trusts (except property investment trusts)
-or shares in Undertakings for Collective Investment in Transferable Securities (UCITS) funds based elsewhere in the European Union (these are similar to the UK authorised unit trusts and OEICs listed above)
-any shares which have been transferred from an Inland Revenue approved all-employee scheme under the special rules
-life insurance policies that would have qualified for the separate life insurance ISA component that existed before 5 April 2005
-stakeholder medium-term products.

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.

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.

Some ISA managers will offer ISA products that give you a 'cooling off' or cancellation period (usually 7 or 14 days), in which you can change your mind about buying. Provided you cancel within the period set out by that ISA manager the payment made will not count as a subscription into an ISA in that tax year. If you change your mind within that time, you will be free to put money into an alternative ISA in the same tax year with the same or a different manager.

Managers may offer Maxi or Mini ISAs or both. They may offer cash ISAs and stocks and shares ISAs , or only one of these. Some managers may offer ISAs that can include only that company's products. Others may offer a choice of their own and other companies' products. Or they may offer 'self-select' ISAs, where you choose from a wide range of shares and securities the ones you want to hold in your ISA.

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.