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15th
Nov 2020
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How Many Stocks and Shares ISAs Am I Allowed?

How Many Stocks and Shares ISAs Am I Allowed?

Are you a looking to open a Stocks and Shares ISA to make the most of your tax-efficient savings allowance, but wondering how many you're allowed to open? We've broken down the rules for you, as well as your options beyond just an Investment ISA. 

What's a Stocks and Shares ISA? 

A Stocks and Shares ISA - also known as an Investment ISA - is a tax-free wrapper for your savings which enable you to earn returns on your investments which are safe from the tax man. 

Your tax allowance for 2020/2021 is £20,000 and the deadline is 5 months away, so if you've not squirrelled away some cash into an ISA then now is the time for this tax year. 

In order to open an Investment ISA, you must be: 

  • 18 or over 
  • a citizen of the UK 

How many can I open? 

You can open one new Investment ISA in your name each tax year, which runs from April 6th - April 5th each year. 

So, if you want to open one before the end of tax year 2020/2021, you should open it before April 6th and this counts as your Investment ISA for 2020/2021. 

But if you were then to open a second Investment ISA on April 8th, this would be your Investment ISA for 2021/2022. In theory, you could continue opening one Investment ISA per year for as long as you're able. 

If you are a parent, you can open an Investment Junior ISA for your child; we've put together a blog breaking down how to do this and the limits involved which you should read if you want more information. 

I've opened my ISA, but found a better ISA account. What should I do? 

You can transfer your funds between ISAs in this case, either into another Stocks and Shares ISA or into a Cash ISA. 

You might be subject to some penalties for withdrawing your money from your Investment ISAs, however, so make sure you check before you move forward with the transfer - and ensure the providers handle the transfer for you, rather than withdrawing your money yourself, as your money will lose it's tax-free status if you do this. 

I've already opened an Investment ISA. What are my other options? 

Your have lots of other options for tax-efficient savings if you've already used opened your Investment ISA for this year. 

If you've still got money in your ISA allowance left for this year which you haven't yet invested, then you could open: 

And if you are looking for an account outside of the ISA wrapper, you could open a Cash Savings Account which offers tax free returns on interest up to £1000. 

Read More About Stocks and Shares ISAs. 

Read More About Cash ISAs

Read More About Lifetime ISAs. 

Read More about Peer-to-Peer ISAs.

Investment Fund Supermarket ISAs

Stocks & Shares ISA

from Legal & General

Allows ISA Transfers
  • Protection Scheme: FSCS
  • Fund Choice: Choose from 50+ L&G funds including low cost index tracker funds, multi asset, fixed income, property & equity funds. Alternatively let L&G managed your funds for you based on your risk profile.
  • Invest From: £20 per month or £100 single

Why we like it: With L&G there is no platform service fee. Legal & General can help you save for a brighter future with their stocks and shares ISA. Choose from over 50 funds, including ready-made investment options that spread your money across different investments for you and sustainable funds that seek to make a positive difference without compromising financial returns. 

Important: Please remember the value of your investment and any income from it may fall as well as rise and is not guaranteed. You may get back less than you invest.

Stocks & Shares ISA

from Interactive Investor

Allows ISA Transfers
  • 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.
  • 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 Hargreaves Lansdown

Allows ISA Transfers
  • Protection Scheme: FSCS
  • Fund Choice: 2,500+ Funds
  • Invest From: £25 pm

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

Our Top Picks for Technology Stocks and Shares ISAs

19th January 2021

The tech industry has been booming for the past fifteen years; and it seems to be a rollercoaster that only goes up. The tech bubble has yet to burst, with companies coming out with more and more technological developments and consumer demand is certainly not slowing down. So, for the tech-savvy investor who wants to put their pennies behind this strong growing industry, we’ve put together our top three picks for Technology Stocks and Shares ISAs. 

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