The Government have announced a number of changes aimed at making ISA accounts more simple and more flexible.

Here's how the changes will affect you.

New investment limits

• The maximum annual investment allowance will increase from £7,000 to £7,200 each tax year.
  
• Up to £3,600 can be saved in a cash ISA with a single provider. The remainder of the £7,200 can be invested in a stocks and shares ISA.

Reference changes

• The Mini and Maxi distinctions will be removed. ISAs will be either cash ISAs or stocks and shares ISAs.
  
• Mini Cash ISAs, TESSA-Only ISAs and the cash component of a Maxi ISA will automatically become cash ISAs.
  
• Mini Equity ISAs, Personal Equity Plans (PEPs) and the equity component of a Maxin ISA will automatically become stocks and shares ISAs.

Transferring your money

• Money previously saved in a cash ISA will be able to be transferred to a stocks and shares ISA.

For more information on the changes to ISA accounts visit your local branch or call us on 0121 557 2551.