A reader asks: Can I have more than one stocks and shares ISA?
Our response: 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.
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
To contact Richard, please see his Invesdaq profile.
