How Many ISAs Can I Have?

Individual Savings Accounts (ISAs) are one of the most popular ways for Brits to save and invest tax-free. But when it comes to opening multiple ISAs, things can get a little confusing. 

Can you open multiple accounts? What about different types? And how does the tax year limit work?

If you’re wondering how to make the most of your tax-free allowance while following the rules, you’re in the right place. This guide breaks down exactly how many ISA accounts you can have, whether it’s cash, stocks and shares, or fixed-rate ISAs, and what’s allowed in a single tax year.

How many ISA accounts can I have in the UK?

First, let’s clear up a common misconception: there’s no limit on the total number of ISAs you can hold. You can stack them up year after year. However, when it comes to new ISAs, the rules are more specific: you can only open and pay into one of each type per tax year.

For example, if you’ve built up multiple ISAs over the years, that’s fine. But when opening a new ISA, you can only fund one of each type at a time within the same tax year. 

In short, if you’re wondering ”How many ISA accounts can I have in one year?”, the answer is that you can open a new ISA of each type in one year. 

So, one of each type:

• Cash ISA (your standard tax-free savings account)
• Stocks and Shares ISA (for investments)
• Innovative Finance ISA (for peer-to-peer lending)
• Lifetime ISA (for home buying or retirement)

You can divide your £20,000 annual ISA allowance however you like across these, but you can’t double up and open two of the same type in the same tax year.

For example, you could put £10,000 into a Cash ISA and £10,000 into a Stocks and Shares ISA, but you couldn’t open two different Cash ISAs in the same year.

How many cash ISAs can I have?

Cash ISAs are the go-to choice for many savers, offering tax-free interest. Having opened multiple cash ISAs in past years is fine, but you can only pay into one new Cash ISA per tax year.

If you want to switch providers for a better interest rate, you should do an ISA transfer rather than opening a second Cash ISA for new contributions. Simply withdrawing money and opening a new account will count as using up your tax-free allowance.

How many fixed ISAs can I have?

Fixed-rate ISAs are a type of cash ISA where you lock your money in for a set period in exchange for a higher interest rate. You can hold multiple fixed ISAs, but again, only one per tax year can receive new contributions.

So, if you’re eyeing another fixed ISA while already funding one this year, you’ll have to wait until the next tax year or transfer an existing ISA instead.

How many ISA savings can I have?

If you’ve been searching for how many ISA savings accounts can I have, you’re probably looking at cash ISAs. And just like we covered earlier, the rule is simple: you can hold as many as you like from previous years, but only fund one per tax year.

So if you’ve got an old ISA collecting dust, consider transferring it to a better-paying account instead of opening a new one and losing your tax-free benefits.

How many stocks and shares ISAs can I have?

A stocks and shares ISA lets you put your money into shares, funds, or bonds while keeping any gains tax-free. And just like cash ISAs, you can only contribute to one new stocks and shares ISA per tax year.

You can have several from previous years, though, and if you want to switch providers, an ISA transfer is the way to go. With investing, flexibility is key but keeping things tax-efficient is just as important.

If you’re unsure about where to start, choosing the best stocks and shares ISA UK can help you maximise returns while ensuring tax efficiency.

Can I have multiple ISAs with different providers?

Absolutely, if you're thinking can I have two ISAs, the answer is you’re not tied to one provider. You can mix and match ISAs across different banks and investment platforms, which is great for finding the best rates and diversifying your savings.

But you still can’t open two of the same ISA type in one tax year, even if they’re with different providers. If you want to move your money, use an ISA transfer, not a withdrawal, to keep everything tax-free.

Making the most of your ISAs

To sum up: you can hold multiple ISAs from previous years, but in a single tax year, you can only pay into one of each type while staying within the £20,000 annual allowance.

If you’re thinking of opening a new ISA, plan your strategy wisely, whether it’s a cash ISA for savings, a stocks and shares ISA for investing, or a fixed ISA for better interest rates. If you’re planning for a first home or retirement, a Lifetime ISA might be the way forward.

If you want to switch providers, always use an ISA transfer to keep your tax-free benefits intact.

FAQs

What is the ISA allowance?

The ISA allowance is the maximum amount you can contribute to your ISAs each tax year. For the 2025/26 tax year, the allowance is £20,000, which can be split across different types of ISAs (e.g. Cash ISA, Stocks and Shares ISA, Innovative Finance ISA, and Lifetime ISA) as long as you don’t exceed the total limit.

Can I inherit an ISA?

Yes, ISAs can be inherited by a spouse or civil partner. When someone dies, their surviving spouse can receive an Additional Permitted Subscription (APS) allowance, which lets them invest up to the value of the deceased’s ISA savings, on top of their own annual ISA allowance.

When can I open an ISA?

You can open an ISA as soon as you meet the age and eligibility criteria:

• Cash ISA: from age 16
• Stocks and Shares ISA / Innovative Finance ISA: from age 18
• Lifetime ISA: from age 18 to 39 (you can contribute until you’re 50)

You must also be a UK resident for tax purposes. ISAs can be opened at any point during the tax year.