Can you have more than one ISA?

You can hold multiple ISAs

There is no rule requiring you to keep all of your ISA savings and investments with one provider.

Since 6 April 2024, adults can generally subscribe to multiple ISAs of the same type during the same tax year, as long as the overall ISA subscription limit is not exceeded.

The overall allowance still matters

Opening several ISAs does not multiply your annual allowance.

For example, if the overall annual ISA allowance is £20,000, subscriptions across your eligible ISAs still need to remain within that £20,000 total.

Lifetime ISA rules are different

A Lifetime ISA has additional rules, including its own annual contribution limit and a restriction on subscribing to more than one Lifetime ISA in the same tax year.

Junior ISAs also operate under a separate set of rules.

Why someone might use more than one ISA

People may hold different ISAs for different purposes. For example, they might use one provider for cash and another for long-term investments, or hold older ISAs while opening a new account elsewhere.

If moving existing ISA assets between providers, using the official ISA transfer process is important because withdrawing money yourself can have different consequences.

ISA rules can change, so current HMRC guidance should be checked.