From 1st July 2014 all new and current cash and shares ISAs will become New ISAs.

Previously, total contributions to any ISAs were restricted to a limit  (£11,520 for 13/14) for stocks and shares, only half of which (£5,670)  could be utilised for cash savings.

It will now be possible for individuals to put any combination of cash or shares up to the value £15,000 into a NISA every year. So for couples, this could be up to £30,000.

Anyone holding investments in stocks and stares will also have the right to transfer their investment into cash, however this should be done between providers and not through withdrawing funds from one ISA to deposit in another. Do be aware that re-depositing cash will still use up your allowance, even if it has been used when depositing the cash in the first instance.

If you are thinking about opening an ISA before 1st July, beware of the fixed rate catch. Some bonds may only allow one deposit which would prevent you from topping up your bond when the new limits come in.

The limit for Junior ISAs also increases from 1st July 2014 to £4,000.  Junior ISAs are currently available for children under the age of 18, but from 1st July 16-18 year olds will fall into the adult bracket and will be able to use the full allowance of £15,000.

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