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Nov 2020

How Many ISAs Can I Have?

How Many ISAs Can I Have?

There are a lot of options when it comes to s: Ls and Js, Investment, Cash and Peer to Peer (to name a few). But how many of these s are you allowed to have? There is quite a lot of freedom with these kinds of accounts but there are some legislated limits which are important to know if you’re considering opening one – or many. Luckily, we’ve gone through type by type – and we’ve got all you need to know.

What’s the ISA limit?

One of the big things you need to know about opening an ISA is that there is a government-legislated limit on how much you can put into an ISA or ISAs each tax year. This can change each year, but has stayed the same for the last couple years.

Your ISA allowance is £20,000 this tax year (2020/2021).

That’s a whopping £20,000 you can put away in a tax-free wrapper keeping the returns safe from income or capital gains tax. There are some limits within this: for example, you can only put up to £4000 per year into a Lifetime ISA and you can put £9000 into a Junior ISA.

How Many ISAs Can I Open?

There are also limits on how many ISAs of each type you can open each year. To explain all of this, we’ve gone through type-by-type to explain these, such as:

Cash ISAs

You are allowed to open as many Cash ISAs as you want each tax year.

There is also no limit on the number of Cash ISAs you can hold as an individual. This means that you can hold as many as you wish, and can really take advantage of the different types of Cash ISA – such as holding your funds in various fixed-term ISAs as well as within an Instant Access Cash ISA.

This allows you to take advantage of the slightly higher interest rates that Fixed Term ISAs offer – while also maintaining some funds in an account where you can instantly access your cash should you need it. 

Investment ISAs

You are allowed to open only one new Investment ISA each tax year; there is no limit on the number of Investment ISAs you can hold, as long as each Investment ISA is opened in an individual tax year.

So for each tax year (April 6th-April 5th of the following year) you can only open one Investment ISA; however, if you find a better deal and wish to change your ISA you do have the option of transferring your ISA.

We have a whole blog on what to do when approaching this – it’s very important that you don’t just open a new account, take your money out of your existing Investment ISA and change it’s location yourself. There is a process you need to go through; our blog covers what you need to know. 


Lifetime ISA accounts are a bit different to Investment or Cash ISAs: you can only hold two Lifetime ISAs as an individual – however, there are further limits on this.

You cannot open both of these accounts within the same tax year, and you cannot pay into both of these accounts during the same tax year.


Junior ISAs are fairly strict: you can only have one Junior ISA per child. There is a government-legislated limit of £9000 which can be paid into each JISA per year, which is a very generous allowance, but is subject to change every tax year.

Peer to Peer ISAs

Much like Investment ISAs you can only open one new Peer to Peer ISA each tax year; you can hold as many Peer to Peer ISAs as you want each year, but you can only open one new one each year and you can only pay into one P2P ISA each tax year. 

Read more about Cash ISAs

Read more about Investment ISAs

Read more about LISAs.

Read more about JISAs. 

Read more about Peer to Peer ISAs. 

Investment Fund Supermarket ISAs

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.

Lifetime ISAs

Lifetime ISA

from Hargreaves Lansdown

ISA Option
Allows ISA Transfers
Regular Savings
  • Protection Scheme: FSCS
  • Fund Choice: Over 2,500 Funds, Investment Trusts, Bonds, ETF's or Cash
  • Invest From: £100 single or £25 per month

Why we like it: Easy set up in a matter of minutes. Start with as little as £25 and save up to £4,000 per year. Wide choice of stock market linked investments, or can be retained in cash. Fund factsheets and investment tools available. Simple annual management fee of 0.45%. There may be some other charges depending on the investment choices. Hargreaves Lansdown are regulated by the Financial Conduct Authority and are covered by the Financial Services Compensation Scheme. Capital at risk.

  • Open in five minutes
  • Open with lump sum, regular contributions or transfers from existing ISA's
  • Contribute up to £4,000 per year until you’re 50
  • Get a 25% government bonus: For every £4 you invest you receive a £1 bonus
  • Use your savings to buy your first home up to a value of £450,000, or use as retirement income
  • You can contribute to both a stocks and shares Lifetime ISA and a ‘regular’ stocks and shares ISA in the same tax year
  • Must be UK resident aged 18-39
  • If you need to access your money for any other reason, you’ll pay a 25% penalty
  • Annual account charge of 0.45%
  • Dealing and other charges will depend on the investments you choose and will apply in addition to our annual account charge
  • Tax rules can change and their benefits depend on your circumstances. Lifetime ISA allowance forms part of the overall £20,000 annual allowance
Junior ISAs

Junior Stocks and Shares ISA

from Hargreaves Lansdown

Regular Savings
  • Investment Options: Invest from £25 per month or deposits of £100.

Why we like it: Invest for your child from £25 pm tax free. A wide range of top performing funds to choose from. The annual charge for holding investments in a Hargreaves Lansdown Junior ISA is never more than 0.45%. Your dealing and other charges will depend on the investments you choose.

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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ISA can be confusing at first and this site includes a useful and helpful introduction into the world of ISAs