Where this fits
If you have opened several over the years, list what is in each before you decide whether to bring them together.
Sunny Bharj
Independent Financial Adviser
Tony Springer
Independent Financial Adviser
Yes. You can hold as many ISAs as you like, and since 6 April 2024 you can pay into more than one of the same type in the same tax year, provided your total subscriptions stay within the £20,000 allowance.
You must be 18 or over to open an adult ISA. The tax year runs from 6 April to 5 April.
In one tax year you could pay £10,000 into one cash ISA, £3,000 into a second cash ISA and £7,000 into a stocks and shares ISA. That uses the full £20,000, across three accounts.
Paying into two stocks and shares ISAs with different providers works the same way: for example £12,000 with one and £8,000 with another.
Moving an existing ISA from one provider to another is a transfer, and it does not use any of this year's allowance. Always use the provider's transfer process: withdrawing the money and paying it in elsewhere turns a transfer into a fresh subscription that uses your allowance.
You can transfer all or part of an ISA, whether the money went in this tax year or in earlier years.
Withdrawing the money and paying it in elsewhere turns a transfer into a fresh subscription that uses your allowance.
No. Consolidating them makes it easier to see what you have and what it costs.
It can, in platform charges, and more accounts are harder to manage. It can also help, where different providers suit different jobs.
Contact the provider or HMRC. Excess subscriptions are normally unwound and the returns on them can become taxable.
No, provided it is done as a transfer through the providers. Withdrawing and re-paying does count.
As many as you like since 6 April 2024, within the £20,000 total. You can pay into only one Lifetime ISA a year, with up to £4,000 in it.
Yes. You can hold and pay into several stocks and shares ISAs in the same tax year, with different providers if you like, as long as the total across all your ISAs stays within £20,000.
Yes, and you can pay into both in the same tax year. The £20,000 allowance covers them together.
No. The £20,000 allowance stays, and the planned cut to £12,000 for cash ISAs from April 2027 will not happen.
Yes, up to your £20,000 allowance for the tax year. What should I do with inheritance money?
If you have opened several over the years, list what is in each before you decide whether to bring them together.
Independent Financial Adviser
Independent Financial Adviser
Your first call is with an Account Manager and is at no cost to you. Tell us what is on your mind: a pension you have lost track of, a fixed rate ending, a will you keep meaning to write.