How Many ISAs Can I Have?

You can hold multiple ISAs but can only open and pay into one of each type per tax year. Learn ISA rules, transfers, and limits for adults and children.

Individual Savings Accounts (ISAs) are a tax-efficient way to save or invest money, offering tax-free interest, dividends, and capital gains. While you can hold multiple ISAs, strict rules apply to how many you can open and pay into each year.

This guide explains how many ISAs you can have, ISA rules for contributions, transfers, and limits for children’s ISAs.

How Many ISAs Can I Have?

  • You can hold multiple ISAs from previous tax years.

  • You can open new ISAs each tax year, but only one of each type.

  • The total ISA allowance for 2024/25 is £20,000, which can be split across different ISAs.

You cannot pay into two of the same type of ISA in the same tax year.

How Many ISAs Can I Pay Into in a Single Year?

  • You can pay into multiple ISAs, but only one of each type per tax year.

  • The £20,000 ISA allowance can be split across different ISAs.

Example of Allowable ISA Contributions in a Year

Cash ISA: Maximum Contribution £5,000

Stocks & Shares ISA: Maximum Contribution £10,000

Innovative Finance ISA: Maximum Contribution £3,000

Lifetime ISA: Maximum Contribution £2,000 (£4,000 max, but must not exceed total £20,000 allowance)

  • Total contributions must not exceed £20,000.

  • You cannot pay into two Cash ISAs or two Stocks & Shares ISAs in the same year.

How Many ISAs Can I Open in a Year?

  • You can open multiple ISAs in a year, but only one of each type.

  • If you want to switch providers, you must transfer your full balance from the current year’s ISA.

Transferring an ISA

  • You can transfer ISAs between providers without losing tax-free status.

  • If transferring an ISA from the current tax year, you must transfer the full amount.

  • For previous years’ ISAs, you can transfer part or all of the balance.

Example of ISA Transfers

✔ Allowed: Cash ISA → Stocks & Shares ISA.
✔ Allowed: Old Cash ISA (from a previous year) → New provider.
❌ Not allowed: Paying into two new Cash ISAs in the same tax year.

To avoid losing tax benefits, use an official ISA transfer process—do not withdraw funds manually.

How Many ISAs Can a Child Have?

  • Children under 18 can have a Junior ISA (JISA).

  • The Junior ISA allowance for 2024/25 is £9,000.

  • A child can have one Cash Junior ISA and one Stocks & Shares Junior ISA.

  • When they turn 18, the Junior ISA automatically converts into an adult ISA.

Final Thoughts

  • You can hold multiple ISAs but can only pay into one of each type per tax year.

  • The total annual ISA allowance is £20,000.

  • ISA transfers allow you to switch providers without losing tax-free benefits.

  • Junior ISAs allow one of each type, with a £9,000 annual limit.

To learn more about ISAs, visit GOV.UK.