How many ISAs can I have?

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In the 2024/25 tax year, if you wanted to, you could open four different types of ISAs. You can have a Cash ISA with us and another one with a different provider in the same tax year. You can only subscribe to one Cash ISA with YBS per tax year.

How many ISAs can you open in a tax year?

Since the start of the 2024/25 tax year, there is no limit on the number of ISAs that you can open with different providers (apart from lifetime ISAs).

This means you could have a Cash ISA with us, and another with a different bank or building society. You can only pay into one Cash ISA with YBS per tax year using your ISA allowance.
There are four main types of ISA on the market: 
  • Cash ISA
  • Stocks and Shares ISA*
  • Lifetime ISA*
  • Innovative Finance ISA*
*We don’t offer these types of ISA. 
You may want to have more than one type of ISA for a different savings goals. For example, you might want an ISA to save for home improvements and one set aside for retirement.

ISA allowance

The allowance for ISAs in 2024/25 is £20,000. You can pay £20,000 into ISAs in a single tax year. You can pay £4,000 per tax year into a Lifetime ISA.

When can I open an ISA?

You can open:
  • A Cash ISA from age 18.
  • A Stocks & Shares ISA from age 18.
  • An Innovative Finance ISA from age 18.
  • A Lifetime ISA can only be opened between the ages of 18 and 40 and once opened you can invest into the account up to age 50. 
  • You will need a National Insurance Number to open an ISA. 

ISAs from previous tax years

If you have a Cash ISA from a previous tax year, you don’t need to pay into the same one again.

You can open another Cash ISA, as long as you only pay money into one during the tax year. You can’t open a new one and keep saving into your old Cash ISA.

If you have lots of ISAs from previous tax years, you might be able to transfer your ISA. Not all providers will let you transfer an ISA. Make sure that you don’t close the ISA and withdraw the money, or you might lose your tax-free status.
The content on this page is for reference and does not constitute financial advice.
For impartial financial advice, try MoneyHelper.