Can I have more than one ISA?

complex.

complex.

complex.

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18 Sep 2011
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Hi guys,

I'm currently actively making payments into an ISA, but this particular account has now reached its limit for the year, so I can't pay any more in.

Am I allowed to go to another bank and create an ISA with them and continue to pay in during the same tax year?

I'm not too sure on the reasoning behind having limits on ISAs, I suspect you are only allowed to have a certain amount of money un-taxed per year, so having a second account would surely count as tax evasion? But thats a complete guess, hence my question :)

Thank you!

complex.
 
I guess you're paying into a cash ISA? If you've reached your limit on that then you can still open a new stocks and shares ISA. Note that these are riskier than cash ISAs so make sure you fully understand what you're investing in if you open one.
 
You can have as many cash isas as you like however you can only contribute to 1per year. Remember to keep old isa's to current generations products or you will get terible interest. Isa can also split up and combined (witheven between different institutions) as well, worth noting if certain products offer tiered rates of interest.

I work in the cash isa dept for a high street bank. Hope this helps
 
Last edited:
darkgen said:
Another question is, what checks occur if you were to open multiple ISAs in different investment companies?
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Every year each ISA provider will provide a return to the Inland Revenue detailing who has invested what. These returns are checked against each other to ensure someone has not opened more than one ISA.
 
Capn' $qu!ff said:
ISA ISA Baby! bum bum bum bum ba da da da!
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