mini cash ISAs can be opened by any individual that is over the age of sixteen. The account allows the individual to deposit up to £7,200 in stocks, shares and cash into the account through the period of the tax year, without the interest that has begun to accumulate through the account. As long as the indivudlas is over the age of sixteen and willing to make deposits into the account, the individual is eligible to use the funds within the account, as well as take advantage of great rates which are offered by leading financial institutions.
Although a couple is married, each member of that couple is able to open their own separate savings account which can be used to save money. Through this method, the couple is essentially able to maximize the amount of money that can be earned from the interest that has accumulated in the mini cash ISA.
As long as an individual adheres to the deposit limits which are set for these types of accounts, they can earn interest which is not succumbing to regular taxes. These accounts are a great innovation from the government to increase savings.