ISA accounts

Can I have multiple ISA accounts per year?

If I open 2 different ISA accounts at the same year (for example, one fixed term and one S&S ISA) can I deposit £20k per ISA account or should I not exceed £20k deposit on all accounts combined?

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Hey Ella!

You can have multiple ISA accounts per tax year but they cannot exceed 20k combined!

I hope this helps :slight_smile:

You can have multiple different types of ISA and share the annual cap £20k amount between them, but only one of each kind can be actively paid into at a time.

So you can have say a Cash ISA and a Stocks and Shares ISA and a Innovative Finance ISA and share the £20k annual limit between the three of them. You can concurrently pay in to each of them throughout the year.

However, you can only pay into one Stocks and Shares ISA. You can’t have two of them from different providers being paid into at once.
You can swap and change providers and transfer existing pots into a new provider or leave the old one there and only pay into the new one.

Lifetime ISA have their own separate £4k per year limit.

See the official government advice for accurate rules and guidelines and amount and allowances can and do vary between the years.

Keeping track of the total amount you have paid into each kind of ISA in any given financial year is perhaps something the Cash Coach can help us all with…

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