Silly question about ISAs

[Yamyamabroad]

I have googled this but ended up more confused. I had my first ISA last year which I then moved to a new ISA with the same bank. Are you actually able to have more than one ISA? For example, one opened in 2024 and then just left there accruing interest and then open another one in 2025 so you might end up with several over the years but only actively saving in to this year's. Told you it was probably a silly question 😜

Any money you transfer directly from one ISA to another isn’t included in your £20k annual allowance.

Apologies didn't mean to quote @TizerorFizz

You can open one or more ISAs in a taxi year.
You can pay a total of £20k into one or more ISAs each tax year (new, current tax year's subscription).

You can transfer all or part of previous years' subscriptions to a different ISA account with any provider.
You can open a new ISA to move previous years' subscriptions to. Just be sure you complete an ISA transfer to move all or part of previous years' subscriptions - don't be tempted to just shift them like you would between standard savings accounts (they'll lose their previous years' tax-free status if you don't do a formal ISA transfer).

This is a slightly confused quesrion.

Could I do this -
2023 - open an ISA, stick in 20000, then leave it there
2024 - open an ISA, stick in 20000 then leave it there - and so on.

Yes.

Normally you get a better rate by picking the best rate each year and both paying in the new money and transferring the existing ISA to that. But if, for example, the first ISA is a 2- or 3- year fix you can leave it there and open a new one in year 2.

If I can do that, have I lost that ability by transferring last years into a new one in April?

No.

But - this is where your question gets confusing. You cannot both leave the money where it is and transfer it. Unlike a PP, I didn't think partial transfers were allowed but they may be possible under the new rules so you'd need to check that.

ISA Summary.

You have a £20k ISA allowance per tax year.

You can split this between a LISA, cash ISA and stocks and shares ISA, or put it all in one type.

You can, as of last year, open and pay into as many ISAs during the year as you like, provided you don't exceed the £20k total.

Thr limit is on money paid in during the year. Transfers are ignored completely, provided you do them as a transfer, not by withdrawing the money and then paying it back in.

A flexible ISA does allow you to withdraw money and pay it back without affecting the £20k limit- but only in the same accoint and within the same tax year. If you put in £20k at the start of the year, take out £10k now and put it back in next week you haven't exceeded the £20k; bit if you take out £10k now and put it back in next May, you use up £10k of next year's allowance.

A second key aspect is to remember the maximum £85k in one organisation.

I have £102k in my ISA. Is it risky if it’s with a ‘big’ name?

I think most things have now been covered by PP. The only thing I’d also watch out for, is if you’re opening a new fixed term cash isa, you often only have a small window to transfer in any other existing isas (which makes sense, just like with a standard fixed term account you usually have to put in all the money up front)

Cash or stocks and shares?

If cash, I'd split it.

Some providers will only let you open one ISA per tax year.

I’m not sure how they could stop you.

With them, that means. They will only allow you to open one new ISA with them in any tax year.

Only the first £85k is protected https://www.fscs.org.uk/what-we-cover/banks-building-societies-credit-unions/

Even big names can be impacted, although with the stress testing banks are now required to do it maybe safer.

If you want to add to your ISA I would look to start one with another financial institution and spread the risk.

Is it invested in stocks and shares or is it a cash isa?