How many ISAs can I have?

There are five different types of ISA:

• Stocks and Shares ISA
• Lifetime ISA
• Junior ISA
• Cash ISA
• Innovative Finance ISA

Who can open them and how much you can pay in varies. We explain below.

This article is written to explain ISA rules, it is not personal advice. If you are not sure what to do, please ask for advice. Tax rules can change, and benefits depend on your own circumstances.

Each tax year adults have a £20,000 ISA allowance, which can be used across all these types of ISA, except the Junior ISA. If you qualify, you can pay into any combination of these four types of ISA in each tax year.

Starting from the 2024/25 tax year, you can open more than one of the same type of ISA in the same tax year. This means you aren’t limited in the number of ISAs you can have, although it is your responsibility to ensure you don’t exceed the total £20,000 ISA allowance each tax year. For example, if you wanted to divide your ISA allowance between cash and investments, you could put £5,000 in Cash ISAs and then the remainder (£15,000) in Stocks and Shares ISAs.

Investing in a Stocks and Shares ISA gives you the chance to grow your money more over the long term. But unlike the security offered by saving in a Cash ISA, investments rise and fall in value, so you can get back less than you put in.

It's important to note the rules are different for the Lifetime ISA. It’s designed especially to save or invest towards a first home or later life. The maximum you can pay into a Lifetime ISA each year is £4,000, and it counts towards your total £20,000 annual ISA allowance. You also need to be between 18-39 to open a Lifetime ISA, and can continue to pay into one until you’re 50. If you pay the maximum of £4,000 into a Lifetime ISA, the remaining allowance of £16,000 can be spread across any combination of one or more of the remaining three types of ISA.

Hargreaves Lansdown does not currently offer an Innovative Finance ISA.

Junior ISAs

For children, parents and guardians can open a Junior ISA. The Junior ISA allowance is currently £9,000 each tax year. But a child can only hold one Junior Cash ISA and one Junior Stocks and Shares ISA at one time.

When a child turns 16, it’s a little more complicated. Up until 6 April 2024, they could open a Cash ISA using the £20,000 ISA allowance for adults, while keeping their Junior ISA allowance until they turn 18. However, we only offer our Cash ISA to adults over the age of 18 and, from 6 April 2024, you have to be over 18 to open an adult Cash ISA.

Hold all your ISAs together in one place

It’s easy to collect plenty of ISAs over the years. And having them spread across different platforms can create a lot of work. Save time and effort by transferring them to one provider.

Find out more about transferring to HL

If you’re considering transferring, make sure to check if your current providers charge exit fees.