Can I have more than one ISA?

You can have more than one ISA open at the same time. Mixing and matching could help you to work towards different goals. You can now open and fund more than one of the same type of ISA in the same tax year with different providers.

Can I pay into two ISAs in the same tax year?

With most ISAs, you can pay into as many of the same type in the same tax year as you like. The only exceptions are Lifetime ISAs and Junior ISAs. You can only pay into one Lifetime ISA each tax year. And you can only ever hold one Junior Cash ISA and/or one Junior Stocks & Shares ISA at a time.

Can I put 20k in 2 ISAs?

Putting money into an ISA

Every tax year you can save up to £20,000 in one account or split the allowance across multiple accounts.

Can I open a new cash ISA if I already have one?

You can open another Cash ISA, as long as you only pay money into one during the tax year. You can't open a new one and keep saving into your old Cash ISA. If you have lots of ISAs from previous tax years, you might be able to transfer your ISA. Not all providers will let you transfer an ISA.

Can I have multiple ISAs with different providers?

Yes you can open and contribute to multiple ISAs with different providers in the same tax year, other than Lifetime ISAs where you can only contribute to one in a tax year. The rules only just changed in April to allow this, so you may be seeing conflicting advice if some websites haven't updated their wording.

How many ISAs can I have? New rules explained

What happens if I pay into two ISAs by mistake?

Keep the account open and don't withdraw your money. Contact HMRC's ISA helpline to explain what's happened – 0300 200 3300. HMRC will work out which ISA needs to be void and tell you what to do next. This will likely involve contacting the provider of the void ISA with instructions to fix it.

What does Martin Lewis say about cash ISAs?

If you're not paying tax on your savings interest, cash ISAs have no benefit – so many should ditch them for higher-paying standard accounts. That's the message from MoneySavingExpert.com founder Martin Lewis in the third episode of the latest series of ITV's The Martin Lewis Money Show Live.

What is the 5 year cash ISA rule?

For the five year term account, you'll be charged the equivalent of 365 days' tax free interest. This means you may get back less than you put in. Any money you move to an account that isn't an ISA will lose its tax-free status. Tax treatment depends on your individual circumstances and may change in the future.

Are ISAs going to be taxed?

Any returns you make from an Isa are tax-free, but there is a limit to how much money you can put in each year.

How to avoid paying tax on savings?

Can you have 40k in an ISA?

If you're a married couple, you can put up to £40,000 in ISAs between you. Tax-free. Be aware. You can choose how much or little of this £20,000 allowance you want to invest each year but do bear in mind, you can't 'carry it over' to the next year.

What if I accidentally put more than 20k in my ISA?

If you've accidentally paid too much into your ISA (or ISAs if you have multiple), you won't receive any tax relief on the excess payments you've made. You can speak to your ISA provider if you're unsure. Don't worry though, if you do exceed your ISA allowance, you can contact HMRC to let them know.

What are the new ISA rules for 2025?

The maximum ISA allowance remains at £20,000 for the 2025/26 tax year. Each tax year, investors can contribute up to £20,000 into an ISA and pay no tax on the returns, including both income and capital gains. This tax efficiency makes ISAs an excellent choice for long-term investing and wealth-building.

How many cash ISAs can I have for over 60s?

You can have more than one Fixed Rate Cash ISA from previous tax years. As of 6 April 2024, you can also open multiple Fixed Rate Cash ISAs each tax year. However, you can't pay in more than your ISA allowance each tax year overall (which for the current tax year is £20,000).

Do I need to open a new ISA every year?

You do not need to open a new cash ISA every tax year. Once the end of the tax year approaches, your existing cash ISA will roll into the next year, where you can take advantage of that year's ISA allowance.

Can I put 20K in a cash ISA and 20K in a stocks and shares ISA?

You can have it in a Stocks and Shares ISA AND a Vanguard ETF. The stocks and shares ISA is just an investment account. Once you deposit funds in it, you can decide what to invest in. Remember that your 20K ISA allowance is for both cash ISA and stocks and shares ISA.

Do you have to declare an ISA to HMRC?

Since you don't pay tax on the interest from a Cash ISA or gains and dividends from a Stocks and Shares ISA, you don't need to declare them on your tax return. You keep any interest or returns you earn.

Where should I put 20k in savings in the UK?

Invest in an ISA or pension

Investing your £20,000 in an ISA could give your finances a tax-efficient boost. Money inside an ISA can grow free of income and capital gains tax. Cash ISAs are also tax efficient because interest is paid free of tax.

Is it better to put money in pension or ISA?

Pensions are particularly beneficial for higher-rate taxpayers who get a higher rate of tax relief on initial contributions. ISAs are much simpler and more flexible, but you are held back by the lower annual investment limit. In practice, a combination of ISAs and pensions will be suitable for most people.

How does Martin Lewis explain ISAs?

Martin Lewis explains how Cash ISAs bank accounts work. Speaking to 5 Live's Adrian Chiles, Martin said: “The rule on Cash ISAs is that you can only put in £20,000 per tax year.” “The annual allowance is about what's put in in that tax year, it's not about what you have in total.”

What do you do when your ISA matures?

If your Fixed Cash ISA has already matured

You can now decide whether to do nothing and leave your money in the Instant Cash ISA or renew into a different ISA account.

Are ISAs going to be scrapped?

After intense media speculation, it is now understood that the chancellor will not be making any immediate changes to cash Isas.

Who owns Moneybox Bank?

Moneybox is a technology company which does not have its own banking license. Instead, it relies on its partners Santander and HSBC to provide banking services to its customers.

What is the most money you can put in a cash ISA?

Up to 4.92% easy access or up to 4.35% fixed

A cash ISA is just a savings account where you'll never pay tax on the interest – and in the 2025/26 tax year, you can put up to £20,000 into one or more if you're 18 or over. This guide helps you decide if you need an ISA, plus has all the top picks.