Yes, you can have more than one stocks and shares ISA account open and with funds deposited, but you are only able to pay into one in each financial year.
You have maximum ISA allowance of £20,000 which can be split as you like between different ISA types as you see fit but you must only ever pay into one of each type of ISA in a financial year. E.g., you could:
- Open a new investment ISA now for the FY 24/25 and pay in £10,00
- Also open a new cash ISA for the FY 24/25 and pay in £10,000.
You can also split your balance between up to three ISAs in a single financial year, provided you don’t exceed the maximum £20,000 allowance. So, you could:
- Also open a innovative finance ISA (sometimes known as peer to peer ISAs or p2p ISAs) for the FY 24/25 and pay in £10,000
- Also open a new cash ISA for the FY 24/25 and pay in £3,000
- Open a new investment ISA now for the FY 24/25 and pay in £7,000.
You could choose to pay into a Lifetime ISA, but the maximum deposit available in a single financial year for these accounts is £4,000 and these accounts count as either a stocks and shares ISA or a cash ISA depending upon the type of account you choose.
- Need more information? Read our guide on how to open an ISA.
