ISA Limits

KW987

If someone currently has the maximum in a Cash ISA, are they allowed to open another Cash ISA to start saving from scratch?

Does it have to be with a different provider?
Can it be in the same tax year?
How many Cash ISA's can somebody hold in total?

I've tried researching but have not got a definitive answer, in fact, conflicting answers really!

Flugelhorn

max 20k total  into cash ISA(s) in the tax year - can be assorted ISAs 

400ixl

If they have already put £20k of new money into an ISA (of any sort be it Cash, S&S etc) then they cannot add more to any ISA until the next financial year.

If they haven't used the full amount then they can now open another ISA with the same or other provider. Used to be you could only open one of each type ina financial year, but that got changed, although some providers still have stricter rules, so will also depend on their own rules as well.

Albermarle

KW987 said:

If someone currently has the maximum in a Cash ISA, are they allowed to open another Cash ISA to start saving from scratch?

Does it have to be with a different provider?
Can it be in the same tax year?
How many Cash ISA's can somebody hold in total?

I've tried researching but have not got a definitive answer, in fact, conflicting answers really!

If you read through the forum for an hour or two, that is probably all the research about ISA's that you will ever need to do. 

masonic

There is no maximum balance for a cash ISA. ISAs exist with a balance north of £1m. There is also no limit to the number of cash ISAs you can hold. There is a limit to the amount you can add to ISAs within a single tax year.

Suggest you read the following detailed guide and come back with any specific questions: https://www.moneysavingexpert.com/savings/best-cash-isa/

Reed_Richards

KW987 said:

If someone currently has the maximum in a Cash ISA, are they allowed to open another Cash ISA to start saving from scratch?

No.  But "the maximum in a Cash ISA" is the £20k you are allowed to invest each tax year.  There is no maximum to the value your total ISA holdings accumulated over multiple tax years.

KW987 said:

How many Cash ISA's can somebody hold in total?

As many as they like with as many different ISA providers as they like.  The only possible restrictions are rules set by the individual ISA providers.  

jimjames

KW987 said:

If someone currently has the maximum in a Cash ISA, are they allowed to open another Cash ISA to start saving from scratch?

No you can't. Once you've added the maximum for the year that's it and you have to wait until April 6th to add another £20k of money to a new one or existing

Pillow25Case

I’ve opened up a cash isa today (19.3.25) for 20k which is the maximum. Can I then open another 20k cash isa after 6th April 2025?

Ocelot

Pillow25Case said:

I’ve opened up a cash isa today (19.3.25) for 20k which is the maximum. Can I then open another 20k cash isa after 6th April 2025?

Yes you can.