- You can hold multiple ISA accounts simultaneously, but restrictions apply to having multiple Lifetime ISAs and Junior ISAs
- The annual ISA allowance for 2026/27 is £20,000 across all your ISAs, which you can split between Cash, Stocks and shares, Innovative Finance, and Lifetime ISAs
- The £20,000 allowance is not per ISA type but the total across all your ISAs
- You can’t carry over unused ISA allowance to the following tax year
What is an ISA and how does it work?
An Individual Savings Account (ISA) is a tax-efficient account that shields your savings and investments from income tax, capital gains tax, and dividend tax.
Each tax year (running from 6 April to 5 April), you receive an annual ISA allowance of £20,000 to contribute across your ISAs. This allowance doesn’t roll over, so anything you don’t use by 5 April does not get carried over to the next tax year.
Learn more about what is an ISA
Can you have more than one ISA?
Yes, you absolutely can hold multiple ISA accounts; there’s no limit to how many ISA accounts you can have open simultaneously. Your total contributions across all these accounts cannot exceed £20,000 in a tax year.
Can I have multiple Lifetime ISAs?
The rules for multiple ISA accounts allow you to only pay into one Lifetime ISA each tax year, but you could still open a new Lifetime ISA with a different provider in a new tax year. Although you can hold a Lifetime ISA in cash or in stocks and shares, a Lifetime ISA is classed as one type of ISA.
Can a child have multiple ISAs?
Yes, children can have multiple ISAs, but with some important conditions to consider:
- A child can only hold up to two Junior ISAs (one of each type, Cash or Stocks and shares) at any one time through their childhood
- You can only open a Junior ISA of the same type on your child’s behalf if you’re going to make a full transfer of their existing ISA first
- Once a child turns 18, they can open adult ISAs including a Stocks and shares ISA and Lifetime ISA
- The Junior ISA has an annual allowance of £9,000 per tax year
- Multiple people can contribute to the same Junior ISA, such as grandparents, godparents, friends, and parents, but the total each year cannot exceed £9,000
Learn more about investing for children
Why have multiple ISAs?
Different ISAs serve different purposes:
| ISA Type | Purpose | Key Benefit |
|---|---|---|
| Stocks and shares ISA | Investing for your long-term financial goals | Potential for tax-free growth on investments |
| Lifetime ISA | Specifically for first-time home buyers or retirement savings | 25% government bonus (up to £1,000) on contributions up to £4,000 per year |
| Junior ISA | Helps you invest for a child's future | Up to £9,000 per tax year, growing tax-free until they turn 18 |
| Cash ISA | Saving for short-term goals or for a rainy day | Tax-free growth on interest |
| Innovative Finance ISA | Investing in peer-to-peer lending products | Ability to invest in different types of assets |
AJ Bell’s expert tips for ISAs:
Use different ISAs for different goals, like saving for a first home with a Lifetime ISA while building long-term wealth in a Stocks and shares ISA
Access different benefits and features suited to your needs, such as government bonuses, tax-free growth, and varying investment options
Maximise your tax-free allowances across different savings and investment goals
How many ISAs are you allowed to pay into in one tax year?
Each tax year, you can split your annual ISA allowance of £20,000 between all the different ISAs you’re eligible for. The annual ISA allowance is for all your ISA savings combined and not per individual ISA account. So, you can pay into as many of your ISAs as you want to, as long as you stay within your overall allowance. There are different ISA allowances for different accounts:
| ISA type | Maximum yearly allowance |
|---|---|
| Cash ISA | £20,000 |
| Lifetime ISA | £4,000 |
| Stocks and shares ISA | £20,000 |
| Junior ISA | £9,000 |
| Innovative Finance ISA | £20,000 |
The Cash ISA allowance will be reduced to £12,000 for people under the age of 65 from April 2027.
Here’s a practical example:
Sarah decides to split her allowance across different accounts. She puts £4,000 into her Lifetime ISA (receiving the maximum £1,000 government bonus), £6,000 into a Cash ISA for her emergency fund, and £10,000 into a Stocks and shares ISA for long-term growth - bringing her contributions up to exactly £20,000.
Can I pay into someone else’s ISA?
No, you cannot directly contribute to someone else’s ISA. ISAs are individual accounts, and HMRC rules stipulate that only the account holder can make contributions. This applies even between spouses and civil partners, each person must use their own ISA allowance from their own money.
However, you can gift money to anyone, and they can then deposit it into their own ISA using their allowance.
For Junior ISAs, parents, relatives, and friends can all contribute to a child’s account, but it’s still the child’s ISA and counts towards the child’s £9,000 annual allowance, not the contributor’s. Just note that the parent or guardian needs to open the Junior ISA account for the child – and from then on anyone can pay into it.
One exception exists for Additional Permitted Subscriptions
If your spouse or civil partner dies (and you’re the beneficiary in their will), you inherit their ISA allowance as a one-off increase to your own, allowing you to preserve the tax-free status of their ISA savings.
Read more about ISAs and inheritance
Frequently asked questions about multiple ISAs
Who can open an ISA account?
You can open an ISA if you're a UK resident aged 18 or higher. Different ISA types have different eligibility requirements – for example, you must be aged 18-39 to open a Lifetime ISA, and Junior ISAs are for children under the age of 18.
Can I open a Joint ISA?
No, ISAs can only be held in one person's name. Joint accounts aren't available for ISA products because of HMRC rules around individual tax allowances.
Can I open multiple ISAs with the same provider?
Yes, you can open multiple ISA types with AJ Bell.
Can I move money from one ISA to another?
Yes, you can transfer an existing ISA to another provider and transfer between some different types of ISA too. Transferring an ISA doesn’t usually count towards your overall ISA allowance for the year, but some providers might need you to open a new account before you transfer to them. Read more about the ISA transfer rules.
What happens if I've used my full ISA allowance but want to invest more?
If you've used your full £20,000 ISA allowance, you can open a Dealing account to continue investing. While not tax-free like an ISA, if you stay within your dividend, personal savings and capital gains tax allowances, you won't pay tax on your investments.
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More about ISAs
From tips to boost your ISA savings, to understanding which ISA account is best for you, read more about these tax-free accounts.
Open an ISA
Invest up to £20,000 tax free each year with our most popular ISA account. Get started by investing as little as £25 per month.
Transfer an account
Thinking of moving an ISA over to us? It’s easy. We'll just need a few details of your current provider, then we’ll do the rest.
Important information: ISA rules apply. Remember that the value of investments can change, and you could lose money as well as make it. We don't offer advice, so it's important you understand the risks. If you're not sure, please speak to a financial adviser. Past performance is not a guide to future performance. These articles are for information purposes only and are not a personal recommendation or advice.