Can I have more than one type of ISA?
Yes, you can have an Innovative Finance ISA as well as a Cash and a Stocks & Shares ISA.
Can I have more than one IF ISA?
You can only subscribe to one of each type of ISA in the current tax year, but if you are transferring in money from previous ISA years and not subscribing, you can have more than one IF ISA.
So, if you open an IF ISA for 2020/21 and put in some of your £20,000 allowance, you cannot subscribe new money to another IF ISA that year unless you transfer and close your current IF ISA. If you just want to move across money you have in an ISA from previous tax years, either in a Cash or Stocks & Shares ISA, and don’t want to use your current year’s allowance, you can open different IF ISAs with different providers to receive the transfers.
What is the ISA allowance?
You can subscribe £20,000 into your ISA in the 2020/2021 tax year. You can put your whole allowance into a particular type of ISA or you can split it up between the three different types of ISA; Cash, Stocks & Shares and Innovative Finance. You can subscribe money to your Abundance ISA by debit card or bank transfer.
Can I transfer my existing ISAs?
If you have already built up tax free savings in Cash or Stocks & Shares ISAs in previous tax years you can transfer some or all of these funds to an IF ISA, no matter how big the pot. This allows you to diversify your ISA portfolio while keeping the tax free benefit. See our Help Centre article on Transferring ISAs for more information.