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Aug 2020

How Can I Divide My ISA Allowance?

How Can I Divide My ISA Allowance?

The government-mandated ISA allowance for 2020/2021 is a healthy £20,000. So how can a savvy saver divide this up amongst the different ISA accounts on offer? And what do you need to know to make the most of your allowance?

You’ve decided you’d like to make use of your yearly £20,000 allowance from the government and open some ISA accounts, to take advantage of the attractive tax-free benefits.

The answer to this is: it depends what you want your money to do, as well as what kind of ISAs you want to put your money into. 

What are the limits?

As previously stated, the overall ISA amount (as set by the Government) is £20,000 - is runs for the whole of the tax year, so you can take advantage of this from 6th April 2020 until 5th April 2021. 

Few people have the spare capital to squirrel away the whole £20,000 allowance into one account; but no matter how much money you have to put into an ISA, it's helpful to know the limits of how much you can put into each ISA type. 

Along with the overall ISA allowance, the government also imposes some limits on certain kinds of ISA accounts. 

For the tax year 2020/2021, these include:

  • Lifetime ISA accounts: £4000 per year
  • Junior ISA accounts: £9000 per year 

Although it is important to remember that the Junior ISA allowance is additional to the existing £20,000 ISA individual allowance, as this is an ISA intended for your child or a child you are a guardian of. 

How Many ISAs Can I Open?

You are able to open one ISA of each type per person per tax year. 

That means that you could open one Investment ISA and put in the whole £20,000 allowance. 

Or you could split that allowance between a LISA, an Investment ISA and a Cash ISA - but you could not split it between two new Investment ISAs. 

Theoretically, you could choose to open one new ISA each year. So, for example, if you had the whole £20,000 to spare, you could spread it as follows: 

  • £4000 into a Lifetime ISA 
  • £5000 into an Instant Access Cash ISA 
  • £5000 into an Investment ISA 
  • £6000 into an Innovative ISA (also known as a Peer-to-Peer ISA)

Which ISAs are right for me? 

We have lots of blogs that address this very question; it's important to do your reading, so have a look both at our wealth of blog content but also on our pages for each type of ISA account, as these will give you more background information into how each of these ISA types work, and what the current deals are. 

You can find these pages here:

There are different types of the different forms of ISAs which suit different needs. 

For example, if you think you might need access to your money sooner rather than later, you might want to think about opening an Instant Access Cash ISA. But, if you know you are saving with a very long-term view then a Lifetime ISA might be for you. 

If you have a very low risk tolerance and you're new to ISAs, then a Cash ISA might be right for you. 

But if you're a seasoned investor, already with a profile of existing investment ISAs then you might want to look at diversifying your portfolio with a Peer to Peer ISA.

If you are a parent looking to invest in your child's financial future, then opening a Junior ISA should be your first port of call. 

Investment Fund Supermarket ISAs

Stocks & Shares ISA

from Interactive Investor

ISA Option
Allows ISA Transfers
Regular Savings
  • Protection Scheme: FSCS
  • Fund Choice: Access 40,000+ UK, US and international shares on 17 global exchanges. Choose from over 3,000 funds or select a ready made portfolio. Investment trusts, ETFs, Bonds & Gilts. Option to invest in 6 low cost funds selected by experts to get you started. Capital at risk. Tax & ISA rules apply
  • Invest From: £25 a month or any lump sum

Why we like it: An award-winning ISA that gives you complete control. The second largest platform in the UK with the widest choice of investment options in the market including funds, investment trusts, ETF’s and more. Strong ethical investment proposition with more than 140 investment options. Open online in less than 10 minutes. Access to expert independent ideas and analysis. Low cost fees and trading.

Important: The value of your investments can rise as well as fall. You may get back less than you invested. If you’re unsure, we recommend you ask for independent advice.

Stocks & Shares ISA

from Fidelity

ISA Option
Allows ISA Transfers
Regular Savings
  • Protection Scheme: FSCS
  • Fund Choice: Choose from over 4,000 investment options, including one of the widest fund ranges in the UK, plus shares, investment trusts and exchange-traded funds. There’s also expert guidance to help with your investment decisions, which includes a selection of tools and insights from Fidelity’s experts. Capital at risk. Tax and ISA rules apply.
  • Invest From: £25 through regular savings or £1,000 lump sum

Why we like it: Fidelity has lots of investment options, plus an extensive range of guidance tools to help you decide what to invest in. Their award-winning ISA is easy to start and offers great value, their a typical service fee of just 0.35%. Other ongoing charges apply. On top of that, everything is backed by Fidelity’s 50 years of investment experience.

Important: The value of investments can go down as well as up so you may get back less than you invest. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser.

Tax treatment depends on individual circumstances and all tax rules may change in the future.

Stocks & Shares ISA

from Hargreaves Lansdown

ISA Option
Allows ISA Transfers
Regular Savings
  • Protection Scheme: FSCS
  • Fund Choice: Choose from over 2,500 funds, shares, investment trusts and more to build your portfolio. UK and overseas shares. Corporate and government bonds. Exchange Traded Funds (ETFs). Ready-made portfolios to suit your goals and attitude to risk from £1,000. Expert research to help make your decisions. Investment trusts and much more. Capital at risk.Tax & ISA rules apply
  • Invest From: £25 pm or from £100 lump sum

Why we like it: Choose your own funds or alternatively a ready made portfolio. Market-beating savings and discounts of up to 5.5%. No charge to buy and sell funds. Low, tiered annual charges for holding funds, with a maximum of just 0.45% per annum. Free fund updates and analysis from experienced research team. Invest with a financially secure, FTSE 100 company.

Important: The value of your investments can rise as well as fall. You may get back less than you invested. If you’re unsure, we recommend you ask for independent advice.

Important Risk Information:

The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website aims to provide information to help you make your own informed decisions. It does not provide personal advice based on your circumstances. If you are unsure of how suitable an investment is for you, please seek personal advice.

High Income ISAs

High income ISA ideas:

ISAs Products

Cash ISAs

Fixed Rate & Instant Access ISAs:

Cash ISAs: 

Stocks & Shares ISAs

Types of Stocks and Shares ISA include: 

Stocks and Shares ISAs

Latest News

5 Considerations for Your Next Investment ISA

15th March 2021

You've decided to invest your savings into a Stocks and Shares ISA. You'll be using your tax-free ISA allowance for this year before the deadline, while also investing your money for your future. But what do you need to consider before opening an account? We've put together a list of our top five considerations for you to think about before you click "apply". 

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