How Many ISAs Can I Have? | The Twelfth Magpie https://www.twelfthmagpie.com/personal-finance/share-dealing/guides/how-many-isas-can-i-have/ Share Tips, Investing and Stock Market News Fri, 05 Jun 2026 09:47:00 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0 https://www.twelfthmagpie.com/wp-content/uploads/2026/05/cropped-Magpie_Icon_Black_RGB-1-32x32.png How Many ISAs Can I Have? | The Twelfth Magpie https://www.twelfthmagpie.com/personal-finance/share-dealing/guides/how-many-isas-can-i-have/ 32 32 How Many ISAs Can I Have? https://www.twelfthmagpie.com/personal-finance/share-dealing/guides/how-many-isas-can-i-have/ Mon, 18 Apr 2022 18:13:55 +0000 https://fool.co.uk/personal-finance/?p=10434 Here are all the rules around how many ISAs you can have. Read on to find out everything you need to know about these accounts.

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An individual savings account (ISA) comes with some unique tax advantages for UK residents. And there are several different types of ISAs to choose from:

  • Cash ISA
  • Stocks and shares ISA
  • Innovative finance ISA
  • Lifetime ISA

So there are plenty of options, but how many ISA accounts can you actually have? Let’s break it down.

How many ISAs can you have?

You can have as many ISA accounts as you want, as long as you meet the eligibility requirements for each and stay within the £20,000 ISA allowance.

But you can only have up to four types of ISAs: your yearly allowance can be spread across a Cash, Innovative Finance, Lifetime, and Stocks and Shares ISA.

The number of actual accounts you can have may end up being a lot more than four, as each year you could open a new account from each category.

Each type of ISA can support a different financial goal. For example, if you were saving a downpayment for a home at the same time you were setting aside some money for long-term investments, you may want to open a Cash ISA and a Stocks and Shares ISA.

Example for the 2022/2023 Tax Year

  • Paid £11,000 into a Stocks and Shares ISA
  • Paid £3,000 into a Cash ISA
  • Paid £2,000 into an Innovative Finance ISA
  • Paid £4,000 into a Lifetime ISA

Can you have more than one ISA in a year?

You can pay into one of each type of ISA each year, as long as you meet the eligibility requirements for each and stay within the ISA allowance. So while you can have multiple of each type of account, you can’t pay into all of them in one year.

For example, you could open a Hargeaves Lansdown stocks and shares ISA this tax year, but you’d have to wait until next year before opening an account with Interactive Investor.

Can you transfer an ISA?

Because of the rules around these accounts, you may find yourself with lots of them scattered all over the place.

The good news is, you can transfer your ISAs amongst different providers. This can make your accounts a lot easier to manage.

So if you already have an ISA, you are able to open one elsewhere and bring over your balance to the new provider. Just make sure you use the ISA transferring service. Don’t withdraw the balance and then try and put that in a new account.

What happens if I pay into more than one of the same type of ISA in a tax year?

If you accidentally paid into more than one of the same type of ISA, you should contact your ISA provider and HMRC as soon as you realize. Don’t attempt to fix it yourself. There is a process to sort out what happened, and it’s best to address it as soon as possible.

What is the best type of ISA to use?

The best type of ISA for you will really depend on your personal circumstances. There are various rules that apply to each type of account, so some may suit you better than others.

For example, you have to be under 40 to pay into a lifetime ISA. Also, the innovative finance and S&S ISAs are both for investing – but you get a lot more flexibility with a stocks and shares ISA account. If you decide to go that route, check out our top stocks and shares ISAs to decide which to choose.

But before you decide to lump money into one of these, have a think about your goals. Do you just want somewhere safe to store your cash or are you looking to get a better return on your savings?

Your strategy will then dictate how many ISAs it makes sense for you to have. There’s no point using them all just for the sake of it.

If you decide to go for higher returns, just remember that this may involve more risk. Taking on extra risk means that there is a higher possibility your funds may lose value. But this often leads to a better chance of superior rewards. So this is a decision you’ll have to weigh up for yourself.

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions.

Frequently Asked Questions

You can have as many Stocks and Shares ISAs as you'd like, but you can only pay into one per tax year. So you can't open ten stocks and shares (S&S ISA) accounts in the same tax year and spread your £20,000 annual allowance between them. You can, however, open one per year and accumulate multiple different S&S ISA accounts.

You can pay into one of each of the four types of ISAs per year, as long as you meet the eligibility requirements for each and stay within the ISA allowance. So while you can have multiple of each type of account, you can't pay into all of them in one year.

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