ISA rules from 6th April 2024

Under the new rules will I be able to set up two cash ISA's in the same tax year ? Currently I have a cash ISA with over £85,000 in which I want to divide inti two ISA's each below £85,000.

Hi

Yes you will be able to open more than 1 cash ISA from 6/4/24. However, the same limit of £20,000 investment applies over the tax year no matter how many you open.

Thank you

Very helpful. Many thanks From Steve Parkman

So you can open say gour cash isa with different providers but you can only put £5000 in each one? Or £20K in each one?

Anyone know the answer to my question as to how much money you can put in multiple cash isas from different suppliers in 2024?

Every tax year you can save up to £20,000 in one account or split the allowance across multiple accounts. The tax year runs from 6 April to 5 April. You can only pay into one Lifetime ISA in a tax year. The maximum you can pay in is £4,000. From https://www.gov.uk/individual-savings-accounts/how-isas-work

Hi Ian Brown,
Tt's 20k in total.
Thank you. 

 

Hi Graham Roberts,
HMRC don't provide interest certificates.
It is your provider who issues these.
Thank you. 

 

Is this change optional or can the banks/building society's tell refuse to allow you to hold an ISA account with them if you are holding an ISA account with someone else?

Hi InterestedParty

See guidance at Individual Savings Accounts (ISAs). as long as you have not invested £20k in the current tax year, there should be no issues.

Thank you