The information provided in this article was accurate at the time of publishing and should be read in the context of the date it was published. Views in this article are those of the author alone and do not necessarily represent the view of Scottish Friendly.
How many ISAs can I have is a question often asked by savers and investors.
The answer is, in any one tax year you can pay into 2 ISAs.
You can pay into one Investment ISA (also known as a Stocks & Shares ISA) and one Cash ISA (not offered by Scottish Friendly) per tax year. This is provided you do not exceed the total yearly ISA allowance, which, in tax year 2015/16 is £15,240.
You can have a Cash ISA with one provider and an Investment ISA with another provider and vice versa. And since July 2014, when New ISAs came into existence, you can split the money between the 2 ISAs any way you like.
You can start an Investment ISA, such as My Choice (ISA) with Scottish Friendly from as little as £10 per month. Scottish Friendly Investment ISAs are flexible – so you can pause, re-start and change monthly premiums any time you want. The very nature of an Investment ISA means the value of your investments can go down as well as up, so you could get back less than you have paid in. Also bear in mind that tax treatment depends on individual circumstances and tax law may change in the future.
For further information on ISAs, why not download our useful Friendly Guide to ISAs PDF guide.
No advice has been provided by Scottish Friendly. If you are in any doubt as to whether a savings or investment plan is suitable for you, you should contact a financial adviser for advice. If you do not have a financial adviser, you can get details of local financial advisers by visiting www.unbiased.co.uk. Advisers may charge for providing such advice and should confirm any cost beforehand.