How Many Different ISA Accounts Can I Have?

Individual Savings Accounts (ISAs) are a popular way to save money in the UK because of their tax benefits. But with different types of ISAs available, it's important to know how many you can have and how to manage them properly. 

In a single tax year, you can pay into as many ISAs as you like, but remember, there’s a limit of £20,000 in total that you can spread across them. This is your ISA allowance for the year.

Please be aware, if you choose an ISA where your money is invested, it can fall as well as rise in value, and you could get back less than you paid in.

You're free to open more than one ISA in a year so long as you stay within your total £20,000 allowance. You might want to open new ISAs if you’re after better rates or different investment choices.

Yes, you can transfer money between ISAs without losing your tax benefits. Remember, taxation will depend on your personal circumstances, and the rules could change in the future.

If you’re moving money from a Lifetime ISA to another type, especially if you're under 60 and not buying your first home, you might have to pay a withdrawal charge, which means you could get back less than you put in.

It’s easy to transfer your ISA to a new or existing Aviva stocks and shares ISA with our ISA Transfer service.

ISA rules have changed for the 2024/25 tax year. Here's a quick look at what's new:   

• You can now open and put money into more than one ISA of the same type in the same year. Before, you could only open one of each type per year.
• If you want to move some (not all) of your money to a different ISA, you can now do that, even if you opened the ISA in the same year.
• You don't have to reapply every year to keep an ISA you're not putting money into anymore.
• You can now put your money into new types of investments with an Innovative Finance ISA, like Long-Term Asset Funds and Property Authorised Investment Funds.
• Looking ahead, there might be updates to ISA rules each tax year, which could affect limits, eligibility, or other key aspects of how you can use ISAs. Always check the latest guidelines from HMRC.

If you have money saved or invested outside of an ISA, you'll also want to know about two big changes:

• The amount of profit you can make from selling investments before you have to pay tax (called the "capital gains allowance") has been cut to £3,000.
• The amount of money you can earn from investments as dividends before paying tax (known as the "dividend allowance") has dropped to £500. 
• You also do not pay tax on any dividends that fall within your personal allowance.

This means that, if you're investing outside an ISA and you're close to these new limits, moving your money into a stocks and shares ISA might help you avoid extra taxes. If you’re unsure about how much you could save with a stocks and shares ISA, you can use our ISA calculator to get an  estimate.

If a stocks and shares ISA feels like the right move for you, you can get started today by visiting our website .