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ISAs Explained /

How Many ISAs Can You Have?

Maximise your annual ISA and save tax free!
Current ISA rules allow you to open one of each type of ISA every tax year.
Selected ISAs

Stocks & Shares ISA

from Prudential

Allows ISA Transfers
Regular Savings
  • Protection Scheme: FSCS
  • Fund Choice: Four unique PruFunds
  • Invest From: £50 p.m. or £500 lump sum
  • Investment Options: Lump sums, regular savings and ISA transfers

Why we like it: Choose from 4 unique PruFund Funds, each one with a different level of risk and managed by Prudential’s in-house experts, and you can keep track of your investments 24/7 using their online valuation service. Open with as little as £50 per month or a one off lump sum of £500. The application process takes around 10 minutes and they also have a simple transfer process if you already have ISAs that you wish to move across. Other benefits include one simple annual management charge and no exit fee.

How Many ISAs Can You Have?

ISAs were established to encourage Brits to save more each year. 

The largest advantage to an ISA is that you don't have to pay any taxes on the money you earn. This includes interest earned on cash ISAs, as well money made from sales of shares within investment ISAs. However, those tax advantages also mean a few rules apply to setting up and contributing to ISAs every year.

Opening ISAs

There are four types of ISA - Cash ISAs, Stocks and Shares ISAs, Innovative Finance ISAs and Lifetime ISAs. Each person is allowed to open one of each type of ISA each tax year with a minimum age of 18 for all ISAs except the Cash ISA where the minimum age is 16. The maximum combined amount you can put across all types of ISA each tax year is known as the ISA allowance and the current 2017-18 tax year ISA allowance is £20,000 per individual.

ISA Plan

Please note that there is also a separate type of ISA, the Junior ISA, available for those under 18.

If you err and open more than one cash or shares ISA in a single tax year, it is important to notify your fund manager or bank right away. In some cases, the ISA may be allowed to remain open, once you have consulted with HM Revenue and Customs. 

Keeping ISAs Open

Once your ISA is open, you can leave it for as long as you like. You can add to your current ISAs each year, or open entirely new accounts. Keep in mind that if you continue to open new accounts, you will need to monitor them regularly to ensure they are earning the best returns possible.

Some individuals do not like the idea of having multiple ISAs because of the difficulty tracking them, while others like the diversity that more than one or two ISAs offer.

Instead of opening news ISAs each year, you also have the option to transfer current ISAs into different types of accounts. If you do decide to transfer ISA money, do not simply withdraw funds to move them, or you will lose your tax advantages for that year. Instead, initiate the transfer through the receiving manager or institution so your transaction is counted as a transfer, rather than a withdrawal.

By understanding the rules regarding ISAs, you can make the most of your money without fear of penalty or losing your tax advantages.

Monthly Saving

Many ISA providers allow you to invest monthly. Nutmeg offer a simple ISA plan where you can set up different pots for different savings objectives e.g. house fund; children's saving fund where you can decide on the different risk levels you are prepared to take. For more information on how you can invest tax efficiently click here »

ISA idea for tax free income

Best ISA Ideas For Growth


The opportunity for a high fixed tax free monthly income.

Maximise your 2017-18 allowance!

Invest from £3,000

Click here for more details...»

Important Risk Information:

This website contains information only and does not constitute advice or a personal recommendation in any way whatsoever. The value of investments and income from them can fall as well as rise and you may not get back the full amount invested. The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.

Different types of investment carry different levels of risk and may not be suitable for all investors. Please ensure that you read the Important Risk Information for further details. Prior to making any decision to invest, you should ensure that you are familiar with the risks associated with a particular investment and should read the product literature. If you are in any doubt as to the suitability of a particular investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.

Cash ISAs

ISAs are a tax-advantageous way to save or invest, check out some of the ISA options below

ISAs Products

Fund ISAs

There are a range of types of fund ISA

Fund ISAs: 

Stocks & Shares ISAs

Types of Stocks and Shares ISA include: 

Stocks and Shares ISAs

Latest News

What is the best investment ISA?

20th June 2017

People often ask: “what is the best investment ISA?” The answer to this question is not a simple one, with the best investment ISA for you depending on a number of factors. 

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