How Many ISAs Can I Have? | The Motley Fool UK https://www.fool.co.uk/personal-finance/share-dealing/guides/how-many-isas-can-i-have/ The Motley Fool UK: Share Tips, Investing and Stock Market News Sat, 25 Apr 2026 15:41:00 +0000 en-GB hourly 1 https://wordpress.org/?v=6.9.4 https://www.fool.co.uk/wp-content/uploads/2020/06/cropped-cap-icon-freesite-32x32.png How Many ISAs Can I Have? | The Motley Fool UK https://www.fool.co.uk/personal-finance/share-dealing/guides/how-many-isas-can-i-have/ 32 32 How Many ISAs Can I Have? https://www.fool.co.uk/personal-finance/share-dealing/guides/how-many-isas-can-i-have/ Mon, 18 Apr 2022 18:13:55 +0000 https://fool.co.uk/personal-finance/?p=10434 Here are all the rules around how many ISAs you can have. Read on to find out everything you need to know about these accounts.

The post How Many ISAs Can I Have? appeared first on The Motley Fool UK.

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An individual savings account (ISA) comes with some unique tax advantages for UK residents. And there are several different types of ISAs to choose from:

  • Cash ISA
  • Stocks and shares ISA
  • Innovative finance ISA
  • Lifetime ISA

So there are plenty of options, but how many ISA accounts can you actually have? Let’s break it down.

How many ISAs can you have?

You can have as many ISA accounts as you want, as long as you meet the eligibility requirements for each and stay within the £20,000 ISA allowance.

But you can only have up to four types of ISAs: your yearly allowance can be spread across a Cash, Innovative Finance, Lifetime, and Stocks and Shares ISA.

The number of actual accounts you can have may end up being a lot more than four, as each year you could open a new account from each category.

Each type of ISA can support a different financial goal. For example, if you were saving a downpayment for a home at the same time you were setting aside some money for long-term investments, you may want to open a Cash ISA and a Stocks and Shares ISA.

Example for the 2022/2023 Tax Year

  • Paid £11,000 into a Stocks and Shares ISA
  • Paid £3,000 into a Cash ISA
  • Paid £2,000 into an Innovative Finance ISA
  • Paid £4,000 into a Lifetime ISA

Can you have more than one ISA in a year?

You can pay into one of each type of ISA each year, as long as you meet the eligibility requirements for each and stay within the ISA allowance. So while you can have multiple of each type of account, you can’t pay into all of them in one year.

For example, you could open a Hargeaves Lansdown stocks and shares ISA this tax year, but you’d have to wait until next year before opening an account with Interactive Investor.

Good for long-term, cost-conscious investors who want lots of flexibility

Interactive Investor Stocks and Shares ISA *

Interactive Investor Stocks and Shares ISA *
Apply Now On Interactive Investor’s secure website
Risk Warning Investments are complex and involve various risks, and you may get back less than you put in. Tax benefits depend on individual circumstances and tax rules, which could change.

The value of your investments can go down as well as up and you may not get back all the money you put in. All investments carry a varying degree of risk and it’s necessary for you to understand the nature of these risks. You should consider whether you understand how Stocks and Shares ISAs and Robo-Investing products work and whether you can afford to take the risk of losing money. Remember that taxes can be complicated and the tax benefits of these products depends on your personal circumstances. Tax rules are subject to change. The Motley Fool believes in building wealth through long-term investing and so we do not promote or encourage high-risk activities including day trading, CFDs, spread betting, cryptocurrencies, and forex. Click here to learn more
Trading Commission

From £3.99
Account Management Fee

£4.99-£39.99 per month (Depending on Subscription Plan)
  • Pros & Cons
  • Fees & Charges

Pros

  • Fixed monthly subscription fees.
  • Free monthly trades included depending on plan.
  • No fees on regular investing schemes.
  • Wide investment range across global markets.
  • Curated investment tools (Quick-Start Funds, Super 60 shortlist).
  • Regular investing tools to automate wealth-building.
  • Solid educational resources and expert insights.
  • User-friendly platform for managing portfolios.
  • Access IPOs and bond launches.
  • Hold and earn interest on foreign currencies.

Cons

  • Monthly fees can feel steep for small portfolios.
  • No fractional share trading.
  • Free trade credits expire every 31 days.
  • Large trades can incur additional costs.
  • No AI-driven tools or robo-advice features. (But ii360 Advanced Platform is in development and is expected to launch in 2026).
  • Alerts and watchlist capabilities are pretty basic.

Subscription Plans

  • Core (£4.99 per month) – This is the entry-level subscription for investors with less than £100,000. It allows for free regular investing where a small sum of capital is drip-fed into a selection of eligible investments at no cost. You can also include a Stocks and Shares ISA under this plan.
  • Plus (£14.99 per month) – In addition to the features of the Core plan, the Plus plan removes the £100,000 limit, allows the addition of Junior ISAs, provides a free membership to five family or friend members, and grants one free trade per month.
  • Premium (£39.99 per month) – In addition to the features of the Plus plan, the Premium plan grants up to two free trades per month, as well as unlimited free memberships to family and friends. It also provides discounts on international trading fees.

Additional Fees

  • Share dealing (online) – The standard trading fee for UK shares, US stocks, and funds depends on your subscription tier.
    • Core – UK & US stocks are £3.99 per transaction. Funds are £3.99 per transaction. International investments are £9.99 per transaction.
    • Plus – UK & US stocks are £3.99 per transaction. Funds are £1.49 per transaction. International investments are £7.99 per transaction.
    • Premium – UK & US stocks is £2.99 per transaction. Funds are free. International investments are £5.99 per transaction.
  • Share dealing (phone) – II charges a flat £49 for trades executed over the phone. Note that free trade credits from subscriptions cannot be used for phone trades. Furthermore, buying or selling shares listed on exchanges in Sweden or Switzerland can only be executed over the phone.
  • Large transaction fees – When buying or selling UK shares with a trade value exceeding £500,000, there is an additional £40 fee. When buying or selling US shares with a trade value exceeding £500,000, there is a 0.04% fee.
  • Dividend Reinvestment – £0.99 per automatic reinvestment.
  • Foreign exchange – When trading internationally, Interactive Investor will charge a foreign currency exchange fee depending on which subscription plan you are using.
    • Core – Flat rate of 0.75% on all international transactions.
    • Plus – Flat rate of 0.75% on all international transactions up to £50,000 and 0.25% on anything above £50,000.
    • Premium – Flat rate of 0.25% on all international transactions.
  • International investor fee – If you are no longer a UK resident, Interactive Investor will still allow you to keep an existing account. However, there is an additional £4 a month subscription fee required. However, as a non-UK tax resident, you cannot continue to contribute to a Stocks and Shares ISA.
  • Deposit fee – None.
  • Withdrawal fee – No fees for next-day withdrawals. A £15 fee for same-day withdrawals, which must be requested before 2pm.

* This is an offer from one of our affiliate partners. For more information on why and how we work with partners, click here.

Can you transfer an ISA?

Because of the rules around these accounts, you may find yourself with lots of them scattered all over the place.

The good news is, you can transfer your ISAs amongst different providers. This can make your accounts a lot easier to manage.

So if you already have an ISA, you are able to open one elsewhere and bring over your balance to the new provider. Just make sure you use the ISA transferring service. Don’t withdraw the balance and then try and put that in a new account.

What happens if I pay into more than one of the same type of ISA in a tax year?

If you accidentally paid into more than one of the same type of ISA, you should contact your ISA provider and HMRC as soon as you realize. Don’t attempt to fix it yourself. There is a process to sort out what happened, and it’s best to address it as soon as possible.

What is the best type of ISA to use?

The best type of ISA for you will really depend on your personal circumstances. There are various rules that apply to each type of account, so some may suit you better than others.

For example, you have to be under 40 to pay into a lifetime ISA. Also, the innovative finance and S&S ISAs are both for investing – but you get a lot more flexibility with a stocks and shares ISA account. If you decide to go that route, check out our top stocks and shares ISAs to decide which to choose.

But before you decide to lump money into one of these, have a think about your goals. Do you just want somewhere safe to store your cash or are you looking to get a better return on your savings?

Your strategy will then dictate how many ISAs it makes sense for you to have. There’s no point using them all just for the sake of it.

If you decide to go for higher returns, just remember that this may involve more risk. Taking on extra risk means that there is a higher possibility your funds may lose value. But this often leads to a better chance of superior rewards. So this is a decision you’ll have to weigh up for yourself.

Great for frequent investors or those who prefer funds

Hargreaves Lansdown Stocks and Shares ISA *

Hargreaves Lansdown Stocks and Shares ISA *
Apply Now On Hargreaves Lansdown’s secure website
Risk Warning Investments are complex and involve various risks, and you may get back less than you put in. Tax benefits depend on individual circumstances and tax rules, which could change.

The value of your investments can go down as well as up and you may not get back all the money you put in. All investments carry a varying degree of risk and it’s necessary for you to understand the nature of these risks. You should consider whether you understand how Stocks and Shares ISAs and Robo-Investing products work and whether you can afford to take the risk of losing money. Remember that taxes can be complicated and the tax benefits of these products depends on your personal circumstances. Tax rules are subject to change. The Motley Fool believes in building wealth through long-term investing and so we do not promote or encourage high-risk activities including day trading, CFDs, spread betting, cryptocurrencies, and forex. Click here to learn more
Trading Commission

£3.95 – £6.95
Account Management Fee

From £0.00
  • Pros & Cons
  • Fees & Charges

Pros

  • Strong reputation and track record.
  • Uninvested cash earns interest.
  • Access to thousands of UK and international investments
  • Active investors enjoy reduced trading charges.
  • No inactivity or withdrawal fees.
  • Intuitive platform and mobile app.
  • Free access to investment research and market insights.

Cons

  • Limited charting and technical tools.
  • Relatively high annual fees for fund, shares, and ETF holdings.
  • Recent increase to custody fee cap from £45 per year to £150 per year.
  • No support for fractional share trading.
  • Share dealing (online) – By default, HL charges £6.95 per trade. However, if you execute 20 or more trades in a single month, this rate drops to £3.95. When investing in a fund, HL charges a £1.95 fee.
  • Share dealing (phone & post) – HL charges 1% of the trade value as a fee when trading via the phone or through postal dealing. There is a minimum £20 trading fee, but the maximum charge is £50 per trade.
  • Foreign exchange – When trading internationally, HL charges a foreign currency exchange fee depending on the size of the transaction. This fee is 1% for the first £5,000, 0.75% for the next £5,000, 0.5% for the next £10,000, and 0.25% for any amount over £20,000.
  • Fund charges – When holding investment funds in an account, HL charges an annual holding fee. The amount is based on the value of your investment. The first £250,000 incurs a 0.35% fee. If investments are worth between £250,000 and £1m, the fee decreases to 0.25%. If investments are worth between £1m and £2m, the fee decreases again to 0.1%. And any value beyond £2m incurs no fees.
  • Account charges – Beyond the previously mentioned Fund charges, investors also have to pay a 0.45% annual fee for all non-fund investments up to a maximum of £12.50 per month (or £150 per year).
  • Deposit fee – None.
  • Withdrawal fee – None.

* This is an offer from one of our affiliate partners. For more information on why and how we work with partners, click here.

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions.

Frequently Asked Questions

You can have as many Stocks and Shares ISAs as you'd like, but you can only pay into one per tax year. So you can't open ten stocks and shares (S&S ISA) accounts in the same tax year and spread your £20,000 annual allowance between them. You can, however, open one per year and accumulate multiple different S&S ISA accounts.

You can pay into one of each of the four types of ISAs per year, as long as you meet the eligibility requirements for each and stay within the ISA allowance. So while you can have multiple of each type of account, you can't pay into all of them in one year.

The post How Many ISAs Can I Have? appeared first on The Motley Fool UK.

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