Need advice on how many ISA's one person can have

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
3 replies 1.7K views
SchminkyCatSchminkyCat Forumite
355 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
Am hoping this isn't as dumb a question as it seems to me!

How many ISA accounts can 1 person have? I understand that there is a maximum allowance that can be paid into an ISA each year, but can you also only have 1 ISA account?

The reason I ask is that my husband and I have an ISA each, but both our banks have hugely reduced their interest rate. I'm currently researching the best rates with other accounts and some say you can transfer in, whereas others say you can't. So could we transfer our current balances into a "transfer in" account, not pay anything into them, and open another ISA each that doesn't accept transfers and pay our allowance into that account? (i'm thinking if the non-transfer in account offers a better rate of interest).

Thank you!


  • McKneffMcKneff Forumite
    38.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    You can have as many ISAs as you want, but you can only subscribe new money into one per year.
    Always get the new provider to transfer the money for you.

    You can put the Old money where ever you want into any ISA, and open a completely different one to put new money into.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • LokoloLokolo Forumite
    20.9K Posts
    Part of the Furniture 10,000 Posts
    You can do as you say. You can have as many ISAs as you want.

    However, this years current contributions must stay together. And you can only deposit into one ISA at any one time.

    You cannot open an ISA. Deposit £10. Transfer that £10 to another ISA. Then open up a new ISA elsewhere and continue to deposit in that. You must deposit wherever that £10 is.

    When you transfer you go by the ISA transfer process of filling in an ISA transfer form, do not manually transfer the money yourself.
  • Thanks both of you! I've just seen the AER for the Santander 123 account as well - WOW! Have a question about tax now so will post separately.

    Thank you x

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