How many ISAs can I have?

There is no limit to how many ISAs you can have in your lifetime. And as of 6 April 2024, the ISA rules have changed meaning you're no longer limited to only being able to pay money into one type of ISA in a tax year (except for Lifetime ISAs and Junior ISAs which is still limited to one)

Types of ISAs

The main types of ISA are:

• Cash ISAs which are like regular cash saving accounts, but any interest you earn is tax-free. 
• Stocks and Shares ISAs which allow you to invest your money in the stock market. Any gains on your investments are tax-free. 
• Lifetime ISAs which are for saving towards buying your first home or retirement. The government adds a 25% bonus to any money you contribute to a Lifetime ISA (or LISA). However, you cannot access the money until you are 60 unless you are buying your first house. 
• Junior ISAs which are savings accounts for a parent or guardian can set up for under 18s. The child can access the money once they turn 18 (when it turns into a regular Cash ISA or Stocks and Shares ISA). 

Each tax year, you can contribute up to £20,000 in total across your ISAs. You can choose how to split this money between each type (you can contribute a maximum of £4,000 per year to a LISA). 

For example, you could contribute £10,000 to a Stocks and Shares ISA, £4,000 to a Lifetime ISA and £6,000 to a Cash ISA. 

There is a separate £9,000 allowance for Junior ISAs.