A Mini Cash ISA allows you to invest up to £3,000 a year and benefit from tax free interest, but at the same time give you instant access to your cash. They are only available to those over 16.

The Government has guaranteed that ISAs will be available until April 2009, allowing you to plan your future savings with confidence.

Two types of ISA are available; Mini and Maxi. A Maxi ISA allows you to invest up to £7,000 in stocks and shares within a tax year, with profits being free from capital gains tax. Once you have subscribed to a mini ISA you cannot subscribe to a maxi ISA in the same tax year, even if you cancel the mini ISA, and vice versa.

Mini cash ISAs come in different 'flavours', including internet, instant access and notice accounts.

Some accounts will meet the Government CAT Standards. This means that the account has low (C)harges, easy (A)ccess and fair (T)erms. It does not indicate a guarantee of performance and it does not mean that the account is necessarily suitable for you.

You can deposit lump sums or regular payments into your account. Interest is paid monthly or yearly and in some cases you will be able to choose.

As with all savings accounts, the minimum deposit that can be made in order to open the account will vary from one bank / building society to the next.

Interest rates are usually banded according to the balance in your account, meaning the more money you save the higher the rate of interest you'll earn.