How many ISAs can you have in the UK?
Financial basics · 26 May 2026Lydia Makin
Managing your savings efficiently often involves finding the best interest rates and tax-efficient accounts. If you're looking to maximise your returns, you might be wondering how many cash ISAs you can have and whether you can open more than one in a single tax year.
Since April 2024, the rules regarding individual savings accounts (ISAs) have changed significantly, providing more flexibility for savers across the UK. Read on to learn more.
Understanding the ISA allowance in the UK
The most important factor to remember when managing your savings is the annual ISA allowance. For the current tax year, the total amount you can save across all your ISAs is £20,000. This limit applies to the combined total of all ISA types you hold, including cash, stocks and shares, innovative finance, and lifetime ISAs.
The tax year runs from 6 April–5 April the following year. While you can hold multiple accounts, you must make sure that the total amount you deposit across all of them doesn't exceed the £20,000 threshold. Any interest earned on money within these accounts is free from UK income tax and capital gains tax.
New cash ISA rules in the UK
Before April 2024, the cash ISA rules UK savers had to follow were more restrictive. Customers were generally limited to paying into only one ISA of each type per tax year. However, the government has updated these rules to give savers more freedom to move their money and take advantage of better interest rates.
Paying into multiple cash ISAs
Under the new regulations, you're now permitted to open and pay into multiple cash ISAs within the same tax year. This means you don't have to wait for a new tax year to open a second or third account if you find a better rate elsewhere. This flexibility allows you to split your £20,000 allowance across different providers or different types of cash ISAs, such as fixed-rate and instant access accounts.
While you can have multiple cash ISAs, stocks and shares ISAs, and innovative finance ISAs, the rules for the lifetime ISA are still the same. You can still only open and pay into one lifetime ISA per tax year.
Additionally, the age limit for opening a new lifetime ISA is 18–39.
Moving your money between cash ISAs
If you already have a cash ISA and find a better interest rate with another provider, you can move your money through a process known as an ISA transfer. To keep the tax-free status of your savings, you should never withdraw the money yourself to move it. Instead, you must ask your new provider to arrange the transfer for you.
Transfers don't count towards your annual £20,000 allowance if the money was deposited in previous tax years. If you're moving money deposited in the current tax year, you can now choose to transfer the full amount or just a portion of it, thanks to the 2024 rule changes.
How to start saving with a cash ISA
Opening a cash ISA is a straightforward process for most UK residents aged 18 or over. You'll need to choose a provider that offers the features and interest rates that suit your savings goals. Here's how to get started:
- Select your provider and the type of cash ISA you want to open.
- Provide your National Insurance number and proof of identity during the sign-up process.
- Decide how much of your £20,000 annual allowance you want to deposit.
- Set up a transfer from your existing bank account to put money into the new ISA.
- Check your contributions throughout the tax year to make sure you stay within the UK tax-free ISA allowance.
By understanding the ISA tax rules and the new flexibility offered by multiple accounts, you can better manage your wealth and ensure your savings are working as hard as possible for you.
Source:
The information is based on publicly available information published by other providers as of 14 May 2026.
You should visit their websites for confirmation of their most updated costs and charges.
Please note that actual charges and services offered may change and vary depending on individual circumstances. For the most accurate and up-to-date information, we recommend visiting each provider’s official website.
This article and the information provided herein are not intended to constitute legal, regulatory advice.