ISA Rules

slenderkitten

Hi

I'm in my 40's, single and working and have a Help 2 Buy ISA I save the maximum £200 a month into it, I am hoping to buy in future.  I don't really understand all the in's and outs of it. 

I keep hearing that you can have more than one ISA's but I understood it to be that you can only have one, so I don't understand what the rules are?

I'm looking at savings account in general, I don't have a lot but need to make the effort to save. 

I'm just looking for the best solution to save money and earn high interest wherever I can?

Thanks for your input. 

dunstonh

I keep hearing that you can have more than one ISA's but I understood it to be that you can only have one, so I don't understand what the rules are?

You can have as many ISAs as you like but until 6th April 2024 you can only contribute to one ISA of that type. eg. one cash ISA.   One S&S ISA. one LISA etc.

So, someone could pay £5000 into a cash ISA and £15000 into an S&S ISA.  They may already hold ISAs built up from earlier years and dont have to pay into those.  

From 6th April 2024, the rules change.

slenderkitten

dunstonh said:

I keep hearing that you can have more than one ISA's but I understood it to be that you can only have one, so I don't understand what the rules are?

You can have as many ISAs as you like but until 6th April 2024 you can only contribute to one ISA of that type. eg. one cash ISA.   One S&S ISA. one LISA etc.

So, someone could pay £5000 into a cash ISA and £15000 into an S&S ISA.  They may already hold ISAs built up from earlier years and dont have to pay into those.  

From 6th April 2024, the rules change.

Oh right i didn't know that, do you know what the new rules will be post April 2024?

eskbanker

slenderkitten said:

dunstonh said:

I keep hearing that you can have more than one ISA's but I understood it to be that you can only have one, so I don't understand what the rules are?

You can have as many ISAs as you like but until 6th April 2024 you can only contribute to one ISA of that type. eg. one cash ISA.   One S&S ISA. one LISA etc.

So, someone could pay £5000 into a cash ISA and £15000 into an S&S ISA.  They may already hold ISAs built up from earlier years and dont have to pay into those.  

From 6th April 2024, the rules change.

Oh right i didn't know that, do you know what the new rules will be post April 2024?

From that date, the restrictions on ISA combinations are removed so you can then fund any permutation of ISAs, subject only to the overall annual subscription limit.