How many ISAs can you have at once?
If you’re looking to make the most of your tax-free allowance, you may choose to diversify your investment portfolio to help you achieve your goals.
You can have as many ISA accounts as you want to as long as you meet the requirements. However, you can only invest in one type of ISA each financial tax year and you cannot pay more than your annual allowance limit. The annual allowance limit for the 2022/23 tax year is £20,000.
You may choose to diversify your annual allowance limit across each type of ISA. For example, you may invest £10,000 into an IFISA, £6000 into a Cash ISA and £4000 into a Lifetime ISA. Or you may choose to invest all £20,000 into an IFISA. However, you are not allowed to spread your allowance into two of the same Cash ISAs in the same year.
Having Interest rates different types of ISAs can help you achieve multiple goals by diversifying your investment portfolio.
Don’t invest unless you are prepared to lose money. This is a high-risk investment. You may not be able to access your money easily and are unlikely to be protected if something goes wrong. Take 2 minutes to learn more.
Learn more about how to manage additional permitted subscriptions into an ISA.
