How many ISAs can I have?
The Individual Savings Account (ISA) was introduced in 1999 as an encouragement to save for the long term. It provides you with a personal ISA allowance, which offers tax-free returns on savings or investments up to a certain amount.
There’s no limit to how many ISAs you can have at any one time. There are, however, restrictions on contributing to some ISAs of the same type in a single tax year. There are also limits on the number of some ISAs you can open each tax year.
How many ISAs can I pay into in a single year?
In total, there are currently seven types of ISA on the market. One of these is no longer available to open, but you can still make contributions if you have one. The different types of ISA are:
- Stocks and shares ISA
- Cash ISA
- Innovative Finance ISA (IFISA)
- Lifetime ISA
- Help to Buy ISA – No longer available, but existing holders can continue to contribute until November 2029
- Stocks and shares Junior ISA
- Junior cash ISA
With the stocks and shares ISA, the cash ISA and the Innovative Finance ISA, you can pay into as many of these as you want in a single tax year, as long as you don't exceed your personal ISA allowance of £20,000. The Junior ISAs and the Lifetime ISA only allow you to pay into the one of each in the same tax year.
How many ISAs can I open in a year?
The UK’s tax year begins on 6th April each year and ends on 5th April the following year. You are allowed to open as many stocks and shares and cash ISAs as you want. You can only open one Lifetime ISA and one of each of the junior types.
You need to keep an eye on the amount you are paying in if you do open more than one ISA. For the 2024/25 tax year, you have a personal ISA allowance of £20,000. This is spread across all types of adult ISA and can be divided between them, so long as the individual allowance for each one isn’t exceeded.
Individual adult ISA allowances by type
|
ISA type
|
Maximum yearly allowance
|
|---|---|
|
Stocks and shares ISA
|
£20,000
|
|
Cash ISA
|
£20,000
|
|
Innovative Finance ISA (IFISA)
|
£20,000
|
|
Lifetime ISA
|
£4,000
|
|
Help to Buy ISA*
|
£200 per month
|
*No longer available to open, but can be paid into until November 2029
Transferring an ISA
As there’s no restriction on the number of ISAs you can have, you may have opened many over the years, with some now sitting idle. ISA transfers offer a way to bring them all together into a single, more manageable pot.
If you have an existing ISA, or ISAs, and wish to open another in a new tax year, you can transfer some or all of the old ISA into the new one. This won’t affect your annual tax-free ISA allowance.
If you want to transfer an ISA you’re currently paying into, you can also do that. As with an ISA from a previous tax year, you can transfer part or all your current year contributions*.
*Except Lifetime and Junior ISAs, where you must transfer the whole amount.
You can find out more in our guide to ISA transfers.
Please remember the value of investments can go down as well as up and you may get back less than you invest.