Multiple ISAs in one year 23/24??

AJS02590

Hi, 
I opened a stock & share ISA in 23/24 last year and wanted to clarify if I can open a LISA in 23/24 before April as they are different types??

And also I want to transfer my old cash ISA to a new fixed-rate ISA as I have not touched it for years and not getting the best interest currently. Can I transfer my cash ISA this year in 23/24 before April too or should I wait until after April for 24/25?  Does transferring an untouched cash ISA to a fixed rate ISA with the same provider count as opening a 3rd ISA if I plan to open a LISA account? 

You can probably tell I'm a novice, so go easy.
Thanks

eskbanker

AJS02590 said:

Hi, 
I opened a stock & share ISA in 23/24 last year and wanted to clarify if I can open a LISA in 23/24 before April as they are different types?? Yes, provided you won't exceed the £20K annual contribution allowance across all ISA deposits during the tax year.

And also I want to transfer my old cash ISA to a new fixed-rate ISA as I have not touched it for years and not getting the best interest currently. Can I transfer my cash ISA this year in 23/24 before April too or should I wait until after April for 24/25? You can do so whenever you wish.

Does transferring an untouched cash ISA to a fixed rate ISA with the same provider count as opening a 3rd ISA if I plan to open a LISA account? Yes, it counts as opening a third ISA, but that doesn't matter because (a) the rules relate to how many are funded with new money, not how many are opened, and (b) you could fund a cash ISA alongside S&S and LISA anyway as the rule is paying new money into no more than one of each type.

You can probably tell I'm a novice, so go easy.
Thanks

Answers inline above....

Albermarle

AJS02590 said:

Hi, 
I opened a stock & share ISA in 23/24 last year and wanted to clarify if I can open a LISA in 23/24 before April as they are different types?? Yes assuming you have enough of your annual £20K allowance left

And also I want to transfer my old cash ISA to a new fixed-rate ISA as I have not touched it for years and not getting the best interest currently. Can I transfer my cash ISA this year in 23/24 before April you can too or should I wait until after April for 24/25?  Does transferring an untouched cash ISA to a fixed rate ISA with the same provider count as opening a 3rd ISA if I plan to open a LISA account? No

You can probably tell I'm a novice, so go easy.
Thanks

See some answers in bold above.
You can add £20K of new money to an ISA each year. Transfers of old ISA's from previous tax years do not count. 
If you scroll through the forum you will see lots of threads on similar topics.

AJS02590

Such a relief! Thank you for your answers, although I'm confused with the 'yes' + 'no' for the last one, but doesn't matter because they are all different types so I'm happy with either for now. 

I have researched a lot of LISA providers and have decided on one of the two or maybe three options. Are LISA and 'stock & share LISA' two different types or are they both the same LISA type?

eskbanker

AJS02590 said:

Such a relief! Thank you for your answers, although I'm confused with the 'yes' + 'no' for the last one, but doesn't matter because they are all different types so I'm happy with either for now. 

I have researched a lot of LISA providers and have decided on one of the two or maybe three options. Are LISA and 'stock & share LISA' two different types or are they both the same LISA type?

The question you asked about whether a cash ISA "counts" as opening a third ISA doesn't really make sense as there's no limit on how many ISAs you can open, so answering literally then yes, it 'counts' as a third ISA but that has no significance so doesn't really 'count' for anything as such, as nobody counts this....

And LISA is a type in its own right, with subtypes of cash and S&S variants - the cash version would generally be recommended for saving for a first property, whereas S&S would typically be more suited to investing for retirement:

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. [this changes from 6 April 2024]

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