How many ISA's can you have?

[Cotty]

I have a cash ISA with some funds in and I pay into a stocks and shares ISA. I want to open a new cash ISA, can I pay into two ISA’s at the same time as long as they are not the same type?

I have tried looking it up but its really confusing.

[Orchid1]

As far as i'm aware you can only pay into one ISA a year whether it be cash or S&S.

I think you can have as many ISA's as you like as long as you only open and then pay into one a year so since the April deadline is fast approaching i'd maybe pay what you were intending to pay into your current ISA this year then when you open your new one after April you can pay into that and that alone until next April.

[Orchid1]

Sorry I should also say you can split your ISA allowance between cash and S&S ISA's in the same year as well so you could put some money into a cash one then some money into your S&S one before April.

[chris285]

You can pay into only 1 per year regardless if it is cash or S&S, but come april 6th you can open a new one and pay into this but no other

https://www.telegraph.co.uk/money/ask-a-money-expe...

[Cotty]

Orchid1 said:

Sorry I should also say you can split your ISA allowance between cash and S&S ISA's in the same year as well so you could put some money into a cash one then some money into your S&S one before April.

That is what is confusing. If I can only pay into one ISA a year how can I split my ISA allowance between cash and S&S, surely its one or the other?

Is the year December to December or April to April? So could I pay into a cash ISA Jan to March and S&S ISA the rest of the year?

[Orchid1]

Cotty said:

That is what is confusing. If I can only pay into one ISA a year how can I split my ISA allowance between cash and S&S, surely its one or the other?

Is the year December to December or April to April? So could I pay into a cash ISA Jan to March and S&S ISA the rest of the year?

Your current allowance is £20,000 per year running from April to April. You can split that allowance between a cash ISA and a S&S ISA as long as the total amount doesn't exceed £20,000 when you add them together.

You can do this because they are different from one another, you can't pay into two cash ISA's or two S&S ISA's in a year as that would break the rules.

[AyBee]

chris285 said:

You can pay into only 1 per year regardless if it is cash or S&S, but come april 6th you can open a new one and pay into this but no other

https://www.telegraph.co.uk/money/ask-a-money-expe...

Oh...I have a Help to Buy ISA currently which I pay £200/month into (max allowed) - doe this mean I can't open a S&S ISA to deposit the remaining £17,600 of my annual balance into? The HtB ISA was opened when they first came out, i.e. not this financial year.

[colin79666]

Help to buy is a cash isa. You can pay into that and into a non cash isa in the same tax year (rules since July 2015), up to the overall limit. You can only pay into one of each type each tax year. You can transfer as many previous tax years as you like.

Edited by colin79666 on Wednesday 14th March 19:03

[KenC]

See here:

https://www.gov.uk/individual-savings-accounts

There are 4 types of ISA and you can pay into each one every financial year.

[chow pan toon]

Is there any punishment for this? I have 2 stocks and shares ISAs that I'm paying into. I'm not breaching the allowance in total and will look to transfer them into one soon.

I'm too pretty to go to prison

[CoolHands]

I don't get it. In year 2, can you continue paying into the original isa (let’s call it isa 1), then also start paying into your second isa (assuming you open a new one in year 2) or must you then leave isa 1 alone as you are paying into isa 2?

[colin79666]

CoolHands said:

I don't get it. In year 2, can you continue paying into the original isa (let’s call it isa 1), then also start paying into your second isa (assuming you open a new one in year 2) or must you then leave isa 1 alone as you are paying into isa 2?

Yes if they are different types. No if they are the same type.

[Jockman]

Useful ISA article in the Sunday Times if anyone’s interested.

How to create your own tax haven

https://www.thetimes.co.uk/article/how-to-create-y...

[colin79666]

chow pan toon said:

Is there any punishment for this? I have 2 stocks and shares ISAs that I'm paying into. I'm not breaching the allowance in total and will look to transfer them into one soon.

I'm too pretty to go to prison

Expect a letter from HMRC telling you that you have forfeited ISA benefits in the one you paid into second. Best to fess up to them rather than wait.

[colin79666]

Jockman said:

Useful ISA article in the Sunday Times if anyone’s interested.

How to create your own tax haven

https://www.thetimes.co.uk/article/how-to-create-y...

I’m pretty sure they are wrong to say you can only open 1 cash isa a year. You can only pay new money into one but my understanding is you can open several as long as they are just from transferring about previous years.

[Jefferson Steelflex]

Just a brief resurrection:

I've just opened a new S&S ISA with £1,000, and set up a monthly payment of £800.

On the application confirmed screen, I'm being offered the chance to apply for a 2018/19 tax year S&S ISA. Why would I need to do this when I've set up a monthly payment into the one above? I assume I can keep paying into the one I have just set up?

[FredAstaire]

you've opened it just before the year change. probably their invitation to apply for 2018/19 is just an automatic ad and isn't smart enough to examine that you just set up a DD.

[nealeh1875]

colin79666 said:

CoolHands said:

I don't get it. In year 2, can you continue paying into the original isa (let’s call it isa 1), then also start paying into your second isa (assuming you open a new one in year 2) or must you then leave isa 1 alone as you are paying into isa 2?

Yes if they are different types. No if they are the same type.

want to see if i am getting this right.

i have a normal savings account. not an isa. just a standard one.
i have also just opened a HTB ISA.. 1st £200 is due this month but opened it with the maximum.

am i able, in April to open a normal cash isa and i can pay into both ISA's?

[colin79666]

nealeh1875 said:

want to see if i am getting this right.

i have a normal savings account. not an isa. just a standard one.
i have also just opened a HTB ISA.. 1st £200 is due this month but opened it with the maximum.

am i able, in April to open a normal cash isa and i can pay into both ISA's?

No. You can either continue to pay into the help to buy or open and pay into a new cash isa, not both.

[Phateuk]

Anyone know why you can only pay into one of each type within a year? Why would it matter as long as you don't exceed the annual limit?