Question about opening ISAs

Hello, Since the new tax year is getting closer, I wanted to ask about the rules of opening another ISA. I'm aware that you can't open 2 of the same types ISAs in the same tax year and that you can only pay in to one per tax year. I'm also aware that you can only have one Lifetime ISA active. I am hoping to open a Lifetime ISA following the new tax year (2024/2025), Would I be allowed to open a Cash ISA as well or would I have to wait until the (2025/2026) tax year? I've researched multiple sites to find an answer but I'm not sure if they are fully verified or up to date. Thanks in advance

Hi,

There are 4 different types of ISAs, cash ISA, stocks and shares ISA, innovative finance ISA and the lifetime ISA. You were always able to open up to one of each in a tax year,  except for a lifetime ISA, so you could for example, open a cash ISA and a lifetime ISA in the same tax year. You can see guidance here:

Individual Savings Accounts (ISAs)

A new UK ISA with its own allowance of £5000 came into effect from 6 April 2024. This is separate from the £20000 existing allowance.

Thank you.