How many ISAs can one person have?

[fenulla]

Just that really. I don't know how to go about this and I'd like to do it online if possible as I'm insanely busy. Have a few thousand to invest for the future and want to split it into accessible and less accessible accounts. I'd really appreciate some advice. Many thanks.

As many as you like, as long as you don't pay in more than £20k total to all of them in any 1 financial year.

As many as you want but the total invested across all of them needs to be within the annual limits.

Thank you

Try Trading 212. I have a stocks and shares ISA and a cash ISA with them.

Could I also ask if you think it's worth adding to a tiny pension with Sunlife?
I realise I'm cheekily abusing your time and knowledge here

Oh! I thought you could only have one S&S isa a year but it’s perhaps changed.

An IFA told me that a few years ago. We went through a whole meeting discussing approaches and then I said proudly I’d opened an HL account and was up 8% so far and he sighed and closed his book and said we’d better speak just before the following April as you could only do one a year so we couldn’t do it simultaneously for me.

tartan I find the whole thing so confusing

The one-a-year rule was scrapped last year.

Re the pension question - it depends. Is that your only pension? If so then yes. If you have a work pension it might be better to pay more into that instead (depending on pension type, whether there's an employer match, & whether it is taken from your salary before or after paying NI).

You can open 1 ISA per tax year you can pay in 20k to any number

Ie. If you start in 25/26 you have 1 isa and can only.pay into 1
In 26/27 you could open a 2nd and pay into the 2nd one only or 1st and 2nd ISAs up to 20k. Or you could just keep paying into the 1st one.
I think its easier just to have 1 and buy into different funds - them you just have 1 thing to manage.

Depending on your age I'd generally be inclined to leave your pension where it is...there are very few circs youd want to move it to an ISA

You need to think about what is important to you in terms of when you can access the money. My general approach is to max out ISA allowance each year then add any further savings to a SIPP. I have a DB pension with work which pays out at state pension age so I don’t want to add more to that as I want to retire early hence the SIPP as I can take out from that at 57, a full 10+ years earlier. I haven’t maxed out my annual pension allowance yet (still making use of the roll over previous 3 years as this is new for me) but if I did I’d then add to premium bonds and a GIA.

I also have a work pension
I know I should find out more about it's performance and my likely income from it but it makes me feel anxious and overwhelmed.

I think this is very personal circs dependant ...

i was maxing out ISA first when young/ lower tax bands and saving a deposit. Now i have a house and am higher rate tax payer i always do full 60k into pension before filling ISA. This migggght change as I move into 50s and 60s but it depends.
also not many people have DB these days....

Good discussion on it here
www.reddit.com/r/FIREUK/comments/1bp0i1s/max_out_pension_or_isa_first_fatfire/

Oh thank you
I am in my 50s
ill look at that site. Need to take some responsibility

The one a-year rule has been scrapped.

You cannot move a pension into an ISA.

I think the OP is talking about cash ISAs - easy access vs fixed term - not funds.

OP, better to have a bit of stress now finding out about your pension and sorting your financial future- after which you can relax - rather than much greater and permanent stress when you get to retirement age and realise you don't have enough to live on. Or, like a few people I know, getting to retirement age and realising that because you didn't understand your work pension you've missed out on around £80k that you'll never get back.

Very good point

Go and seek advice from someone who is a qualified financial adviser and independent. Thy will charge, as they do it for a living but you will end up wealthier and likely pay less tax. If you don’t service your own car don’t try and do your own investments!

Of course it is. For me, I’m keeping the SIPP low enough to be able to minimise tax on withdrawal I.e. I’m getting 40% tax relief on the way in but will only get taxed at 20% on the way out as the ISA will top up my ‘income’ in retirement to bridge the period from retirement to my DB pension paying out.

This is incorrect. You can open as many as you like per year as long as you don't pay in more than £20,000 per tax year across them all.

@WorkingHorse I haven’t maxed out my annual pension allowance yet (still making use of the roll over previous 3 years as this is new for me)

This doesn't make sense. You don't use carry forward until you've fully utilised your current year allowance.