skip to main content
ISAs Explained /

How Many ISAs Can You Have?

Maximise your annual ISA and save tax free!

Compare ISA best sellers

View some of our 2020-21 ISA season best ISA platform sellers.

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 2020-21 tax year ISA allowance is £20,000 per individual.

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

The current junior ISA allowance is £9,000 for 2020-21.

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 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.

ISA idea for tax free income in 2021

"Ready Made Investment Portfolio ISAs"

Ready made investment portfolios can be a great way to invest in a stocks and shares ISA.

They are ideal if you are new to investing or simply don't have time to choose your own investments.

See a selection of ready made investment portfolio ISA options to help you choose the best way to invest your ISA allowance.

Ready Made Investment ISAs »

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

​Best Investment Trusts - 5 Top Picks For Your ISA

21st January 2021

Considering your 2021 ISA Options? We look at investment trusts worth a closer look and our 5 top picks for consideration for your stocks and shares ISA.

Newsletter Signup

Sign up to our Newsletter to get exclusive news and offers direct to your inbox.

About us

ISA.co.uk is a trading style of Fair Investment Company.

We've been comparing and recommending ISAs for many years so you can trust you're in good hands.

About us

4.74 Average

23 Reviews

Jen

I found the way the different options are presented very clear - much more useful than some other comparison sites. I sent it to my daughter as well.

Paul

Very informative, find myself a good ISA account with best return in terms of interest.

Sue

Easy to use website and up to date. Saved the link on my tablet.

Rob Holden

The website was very useful and informative.

Andrew Johnson

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

Crowd2Fund

Excellent website - clear and helpful information about different products - and a trustworthy partner.

Sue

Easy to use website and up to date. Saved the link on my tablet.

Steve

Really simple to use and all the information was clear with lots of products available. The interest calculator was really handy too. Have bookmarked and will definitely use again.

Hannah Gordon

This was a really user-friendly site, and was very helpful when it came to comparing accounts and choosing my 2016 ISA.

Sue

Easy to use website and up to date. Saved the link on my tablet.

Anonymous

If you wish to invest in an ISA this site has it all. A super comprehensive range of simply explained products from all the major companies.

Cristina Iacob

Very knowledgeble company with an extensive range of services, a great website with loads of useful information.

Anonymous

Nice graphics and easy to navigate

Dr Alan Rogan BSc PhD FCIOB FCABE Eur Ing

Good advice and professional approach

Razvan

Very helpful for getting my annual ISA

Jonny Doulton

Clear, concise and very professional outfit with an excellent choice of market leading deals.

Paul Tissington

ISA.co.uk not only helped narrow down my choices for a Junior ISA but also provided additional practical information that helped demystify the whole process.

Sunil Karadia

Just the site I needed, I have been looking for a suitable ISA for a while, but as there are so many to choose from, find it difficult to find the right one for me.

James Weatheritt

I found the information on ISA.co.uk very helpful and easy to understand. The site is easy to navigate and find what you're looking for.

Lisa Holden

I found ISA.co.uk very insightful and easy to navigate through. The content was useful and helped me make my ISA decision.

Neta Pourhosseini

I thought the information provided was easy to understand and very informative, I would recommend to friends for deffinite.