ISA’s from April 2024

From April 2024 are you able to open multiple ISA’s each holding £20000 so long as they are all the same type, eg cash, and can they be either with the same bank or different ones. For example three accounts with Bank A each with £20000 and one with Bank B with £20000 but all cash ISA’s

Hi SJD,
No, the maximum £20,000 is the total amount you can invest in any one tax year no matter the type of ISA(s) held.
you can only open 1 cash ISA each tax year.
Thank you. 


 

I note that the HMRC reply to the post was around the start of January 2024. Please refer to the GOV/HMRC newsletter dated November 2023 https://www.gov.uk/government/publications/tax-free-savings-newsletter-10/tax-free-savings-newsletter-10-november-2023 "The government announced a package of ISA reforms and will make these changes to ISAs from 6 April 2024:" and "Allow subscriptions to multiple ISAs of the same type, with the exception of Lifetime ISA, within the tax year, removing the limit on subscribing to one ISA of each type per year. All subscriptions must remain within the overall ISA limit of £20,000." Doesn't this mean the HMRC reply is incorrect when the post title clealry refers to April 2024?

Hi neilmorgan,
Yes. new guidance comes into play on 06/04/24 whereby you can open more than 1 type of ISA and invest in the same tax year.
The limit currently remains at £20,000 in total.
Thank you. 

I have a cash ISA that I opened last year, and I invested £8,000 into it this year after April 6th. Can I transfer my existing ISA to a different provider and invest the rest of my allowance (12k) into the new account? I was wondering whether investing in two different cash ISAs in the same tax year is possible.

Hi,

As of 6 April 2024, you can now open more than 1 cash ISA each year. the deposit limit is still 20k over how may you have in each tax year.

Thank you.

Hello. I have a flexible shares and stocks ISA with one provider opened last year and a fixed shares and stocks in another provider. I understand I can contribute to both, limiting myself to 20K. My question is 'does the 20K limit in the flexible ISA reach when the provider tells me its reached, irrespective of the number of times i withdraw the deposit?'

Hi
The provider are the managers of these accounts, not HMRC, so you need to accept their decision.

Hi, I have opened a cash ISA with my bank provider this year after April 6th and invested the maximum personal allowance of £20000. Just today I have opened a lifetime ISA as next month I am turning 40 years old. Can I withdraw £4000 from cash ISA and put this money into my new lifetime? I am not sure if I will exceed d my allowance after withdrawing from my current cash ISA and puting that money into my new lifetime ISA account.

Hi Ezequiel Raffo,
No, as this is an additonal deposit and you have already invested your maximum for the tax year.
Thank you. 

Hi, Is my understanding correct that as of April this year there is no limit as to how many cash isa accounts can be opened as long as the £20000 yearly limit isn't exceeded? Any advice would be appreciated

Hi Tyler@3671,
That is correct.
The maxiumum you can save in ISA is 20000, there is no limit on how many individual ISAs you open as long as the maximum you save combined is 20000 in total.
Individual Savings Accounts (ISAs)
Thank you.

A quick question.. if I opened a cash ISA in March 2025 with the maximum £20000. Can I then add another £20000 in May 2025? Thank you.

Hi 613TX,
If you invest £20,000 in the  tax year, 6 April 24 to 5 April 2025 you will need to wait until the next tax year 6 Arril 2025 to 5 April 2026 to invest a further £20,000 in any ISA account.  
Please have a look at the guidance on ISAs here: Individual Savings Accounts (ISAs)
Thank you.

 

Can i open a cash isa with different providers every month from April 2025 providing i do not exceed the 2025 cash limit?

A question on issue that I have multiple ISA's open and calculated wrongly and have just overpaid the £20,000 limit by £55. Can I fix this mistake prior to the tax year finishing? thanks!

Hi Malc1947c,
Yes, you can open more than one cash ISA providing you do not exceed the limit. 
Please see guidance here: 
Individual Savings Accounts (ISAs)
 

Hi ,
 

If you have oversubscribed in the current tax year, you can contact your ISA provider to instruct them to remove overpayment amounts to correct the error. If the error occurred in a previous tax year you should not do anything. You should not attempt to correct the situation. HMRC will write to you after the end of the tax year in question if appropriate.  Thank you .

Hi, I opened a Cash ISA with a bank. They have asked me to declare that I did not open any other cash ISAs with other providers. They want all the cash ISAs for the year to be transferred to them. Can they enforce that? Thanks in advance

Hi STal,
Yes.
 From 6 April 2024, you can open more than one ISA in the same tax year, however, you are still limited to a maximum saving of £20,000 in any year.  Please have a look at the guidance at:
 Individual Savings Accounts (ISAs)
Thank you.