How Many ISAs Can I Have? Tax Year 2024-25

Home ISA How many ISAs can I have

Hand depositing coin into a jar of savings labelled 'ISA'

At a glance

While there’s no limit on the total number of cash ISAs you can hold, bear in mind some accounts and providers have their own restrictions in place
In fact, it may be worth considering opening more than one ISA if you have multiple goals you’re looking to save towards simultaneously
But, remember it’s your responsibility to meet the conditions of each account and to make sure you don’t exceed your annual ISA allowance.

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With Individual Savings Accounts (ISAs) a great way of sheltering your hard-earned cash from tax, you may be wondering if you can have more than one of these accounts.

Whether you already have an ISA and are looking to open another, want to pay into both a Cash ISA and a Stock and Shares ISA, or you’d like to hold multiple of the same type of ISA, we explain the rules below:

The basics: How many ISAs can you have in a tax-year?

The short answer is there are no limits on the total number of ISAs you can open and pay into within a tax-year (running from 6 April to 5 April the following year), so long as you don’t exceed the £20,000 annual allowance.

However, this wasn’t always the case…

Can you have more than one ISA? The rules explained

Many may remember that before April 2024 you could only subscribe to one of each of the four main types of ISA per year (one Cash ISA, Stocks and Shares ISA, Lifetime ISA and Innovative Finance ISA).

This rule was amended in the 2023 Autumn Budget so that, as of the 2024/25 tax-year, it’s possible to open and pay into as many Cash ISAs, Stocks and Shares ISAs and Innovative Finance ISAs (IFISAs) as you like.

That being said, you may find some providers still impose a limit on the number of ISAs you can open with them each year – so it’s always best to check directly with a bank or building society before applying.

Can I have more than one Lifetime ISA?

Lifetime ISAs (LISAs) are an exception to the rule. While it’s possible to have multiple Lifetime ISAs, you can still only contribute to one of these accounts per year.

Furthermore, it’s important to remember you can only withdraw funds once when buying a first home and once after the age of 60 without facing a penalty and having the 25% Government bonus removed.

Can you have more than one Junior ISA?

Meanwhile, children under the age of 18 can only hold one of each of the two types of Junior ISA (JISA): one Cash JISA and one Stocks and Shares JISA.

Thinking about opening another ISA?

Moneyfacts has been providing comprehensive comparison charts to the public and financial sectors for over 35 years.

Be sure to compare today’s best ISA rates using our regularly updated charts. Find the most competitive returns on easy access and fixed cash ISAs, or explore Stocks and Shares ISA providers (keeping in mind your capital is at risk when investing).

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What if you have ISAs from previous years?

There are a few options as to what you can do with an ISA from a previous tax-year:

Continue paying into the account: As of April 2024, it’s no longer necessary to reapply for an ISA from a previous tax-year; if an existing account still meets your needs and offers competitive returns on your money, you could consider paying into it if allowed by the provider.

Open a new ISA: Already having an ISA doesn’t prevent you from applying for a new account should you wish. But, remember you won’t be able to subscribe to a new LISA if you’ve already paid into one of these accounts within the current tax-year.

Transfer the ISA to a new account: If you want to move money held in an existing account to a new ISA, an ISA transfer allows you to do so without your savings losing their tax-free status.

Can I transfer from one type of ISA to another?

Although there are no hard-and-fast rules preventing you from transferring between different types of ISAs, it’s ultimately up to a provider which accounts they accept transfers from.

While all banks and building societies must allow ISAs to be transferred out, they are under no obligation to accept transfers in. Before applying, it’s therefore best to check which type of ISA (if any) your prospective provider accepts transfers from. You can find this information by selecting ‘view further details’ next to a listing on our ISA charts.

Importantly, transferring an ISA doesn’t count as opening a new account, nor does it affect your annual ISA allowance.

For more information, read our guide on how to transfer an ISA.

How to manage multiple ISAs: Should you open more than one?

Opening more than one ISA could be a good idea if you’re saving towards multiple goals as some accounts may be better suited than others to meeting certain objectives. For instance, you could:

Build an emergency fund in an easy access ISA while saving towards a longer-term goal with a fixed rate cash ISA
Invest using a Stocks and Shares ISA while also putting money aside in a less risky option such as a Cash ISA
Add a LISA to your portfolio for the express purpose of saving a deposit for a first home or a nest-egg for retirement.

However, it’s important to keep track of how much you’re depositing in each account, as it’s your responsibility to ensure you don’t exceed your ISA allowance.

How many ISAs can I have? FAQs

Can I put £20,000 every year into an ISA?

Yes – the £20,000 annual allowance resets at the start of each tax-year (6 April) and this is the maximum amount you can deposit into ISAs each year.

You can either choose to split your allowance across multiple types of ISAs, or deposit the full amount into a single account.

Related guide: How the ISA allowance works

What happens if I go over the ISA contribution limit in multiple ISAs?

When it comes to managing multiple ISAs, it’s important to keep track of how much money you’re putting away in each account. If you exceed your allowance, you’ll lose the tax-free benefits of any amount over the £20,000 limit.

Can I have more than one ISA of the same type?

Yes! Not only can you have more than one of the same type of ISA, but you can also pay into multiple Cash ISAs, Stocks and Shares ISAs and Innovative Finance ISAs within a single tax-year.

Remember, the same rule doesn’t apply to Lifetime ISAs; while you can hold multiple of these accounts, you can only pay into one per tax-year. Similarly, a child can only subscribe to one Junior Cash ISA and one Junior Stocks and Shares ISA each year.

Can I open a new ISA with my current provider?

Whether you can open another ISA with your current provider depends on the bank or building society; some may impose restrictions on the number of accounts, or how many of each type, you can hold with them. In this case, it’s best to check directly with your provider.

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Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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