Talking to a financial advisor the other day made me realize how little I know about ISAs. I assumed you could just open as many as you wanted, but apparently, that’s not the case. Some say you can have more than one, while others say there are strict limits. If anyone has experience handling multiple ISAs, I’d love to know how it actually works in practice. Are there any benefits to juggling more than one, or is it better to stick with a single account?
There’s definitely a bit of confusion about this, but the rules are pretty straightforward. You can hold multiple ISAs, but in each tax year, you’re only allowed to contribute to one of each type. So, you could put money into a Cash ISA and a Stocks & Shares ISA, but not two Cash ISAs in the same year. Your total contributions also can’t go beyond the annual ISA allowance. If you're thinking of diversifying your savings and investments, it's worth exploring different insurance providers https://moneyfactscompare.co.uk/isa/how-many-isas-can-i-have/ to see what kinds of options are available for your financial goals.
ISA rules can definitely be a bit confusing at first, but once you understand the basics, it seems like a solid way to maximize tax-free savings. Good to see discussions like this where people are sharing insights—it’s always helpful to learn more before making any financial moves.
