How many ISAs can I have?

Most investors know about the ISA allowance, which is £20,000 for the current tax year. But do you know how many ISA accounts you can have? Read on to find out if you can have multiple ISA accounts and what limits apply.

Can you have more than one ISA?

You can have multiple Stocks and shares ISAs, Cash ISAs and Innovative Finance ISAs across different providers. Restrictions apply to having multiple Lifetime ISAs and Junior ISAs.

Providers may have restrictions on how many of each ISA type you can open or pay into with them. This still means you can open another ISA or multiple ISAs of the same or different type with other providers.

Over time, you could easily end up with many different ISAs with different providers, even if you stick to the same type of ISA. There’s no limit how many ISAs you can open in your lifetime, but obviously the more accounts you open, the harder it will be to manage them.

How many ISAs can I pay into in a single year?

Each tax year, you can split your annual ISA allowance of £20,000 between the all different ISAs you’re eligible for. The annual ISA allowance is for all your ISA savings combined and not per individual ISA account. So, you can pay into as many of your ISAs as you want to, as long as you stay within your overall allowance.

Can I have multiple Lifetime ISAs?

The rules for multiple ISA accounts allow you to only pay into one Lifetime ISA each tax year, but you could still open a new Lifetime ISA with a different provider in a new tax year. Although you can hold a Lifetime ISA in cash or in stocks and shares, a Lifetime ISA is classed as one type of ISA.

How many Junior ISAs can a child have?

The rules for multiple Junior ISAs are stricter than for adult accounts. A child can only hold up to two Junior ISAs (one of each type, cash or stocks and shares) at any one time through their childhood. You can only open a Junior ISA of the same type on your child’s behalf if you’re going to make a full transfer of their existing ISA first.

Can I move money from one ISA to another?

Yes, you can transfer an existing ISA to another provider and transfer between different types of ISAs too. Transferring an ISA doesn’t usually count towards your overall ISA allowance for the year but some providers might need you to open a new account before you transfer to them. Read more about the ISA transfer rules.

Can I pay into someone else’s ISA?

You cannot pay into someone else's ISA directly. ISA rules say that payments into an ISA need to be from money that belongs to you. If you wanted to help contribute to another person’s ISA, you would need to gift them the money first and they could then use it to subscribe to an ISA in their own name.

There is an exception for Junior ISAs, which are tax-free accounts set up by a parent for a child under 18. Anyone can pay into a Junior ISA and the money paid in is treated as a gift.

Do I need to open a new ISA every year?

Your annual ISA allowance renews on 6 April each year (the start of a new tax year), but you don’t need to open a new ISA every tax year to use the new limit with the same provider.

Some ISA providers might ask you to open a new ISA if you are transferring in an existing ISA to them. A bank or building society might need you to open a new cash ISA if you are looking to save into another fixed rate cash ISA offer.

Which ISA is best?

Open an ISA

An AJ Bell Stocks and shares ISA is an easy, efficient way to invest. It’s completely tax-free, so more of what you make stays in your pocket.

More on Stocks and Shares ISAs Open an ISA

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