Can I open new lisa and new stocks and shares isa in different platforms? 29 October 2021 at 4:31PM in ISAs & tax-free savings 2 replies 107 views

Snaan

Hi all!

I'm new to the uk and I'm a bit confused. 

I just opened a lisa in nutmeg and invested 4k. 
Now I want to open a stocks and shared isa in free trade and invest 16k.

Am I allowed? 

Someone told me I can only join one platform a year. 

Thanks. 

eskbanker

It's OK to do what you propose, the rule is that you can only pay new money into one ISA of each type in any tax year, and LISAs and S&S ISAs are different types.

https://www.gov.uk/individual-savings-accounts

There are 4 types of ISA:

• cash ISAs
• stocks and shares ISAs
• innovative finance ISAs
• Lifetime ISAs

You can put money into one of each kind of ISA each tax year.

grumiofoundation

Either the person who told you doesn’t understand the rules or they meant you can’t open more than one isa of the same type (see explanation above) in the same tax year.