How many ISAs can I have?

You can hold multiple ISAs at the same time. The key rule to keep in mind is that your total ISA contributions in a tax year must stay within the £20,000 annual ISA allowance.

There are a couple of exceptions worth noting:

• Lifetime ISA: You may only open and/or pay into one Lifetime ISA per tax year. Contributions are limited to £4,000 and these count toward the £20,000 overall ISA allowance.
• Junior ISA: Each child can have one Cash Junior ISA and one Stocks and Shares Junior ISA, subject to the Junior ISA annual allowance (£9,000). This allowance is separate from and does not affect the parent’s own ISA allowance.

Find out more about the Unity Mutual Lifetime ISA* or Stocks and Shares Junior ISA*.

ISA allowances (for adults)

You can contribute up to £20,000 each tax year across your ISAs. You can choose to use your full allowance in one ISA or spread it across different types.

Here is a breakdown of the different types of ISAs you can hold and what the max ISA allowance is for each:

Source: Gov.uk

When can I open an ISA?

You can open an ISA if you:

• Are 16 or over for a Cash ISA
• Are 18 or over for a Stocks and Shares ISA (or 16 to open a Stocks and Shares Junior ISA)
• Are aged 18-39 for a Lifetime ISA (you may keep paying in until age 50)

You'll also need to be a UK resident for tax purposes and have a National Insurance number (or be eligible for one).

Can I transfer my ISA?

Yes, you can transfer your ISA. However, it’s important to use the official ISA transfer process, withdrawing the money yourself and paying it back in could count toward your annual ISA allowance.

ISA transfers do not affect your annual allowance, allowing you to move your funds without being penalised.

What if I already have older ISAs?

ISAs from previous tax years don’t affect the current tax year’s allowance. Only new contributions count towards your £20,000 limit. With your existing ISAs, you can:

Open a new ISA: Even if you have older ISAs, you can open a new one whenever you like (except for only paying into one Lifetime ISA per tax year).

Transfer older ISAs: If you’d like a different rate or product, you can move your ISA using the transfer process. 

How many ISAs can a child have?

In the UK, a child can have one of each type of Junior ISA:

• Cash Junior ISA
• Stocks and Shares Junior ISA

For the 2025/26 tax year, the annual contribution limit for a Junior ISA is £9,000 per child across all Junior ISAs held in their name.  This limit is shared between the Cash ISA and Stocks and Shares Junior ISAs. For example, if you put £5,000 into a Cash Junior ISA, only £4,000 can go into a Stocks and Shares Junior ISA that tax year.

If the child has an existing Child Trust Fund, it can be kept as it is until it matures, or it can be transferred into a Junior ISA. A child can not hold a Child Trust Fund and a Junior ISA at the same time, but you can transfer it.

Important: 

Parents or guardians usually manage the account until the child turns 18. From age 16, the child can manage and contribute to a Cash ISA or Stocks and Shares Junior ISA, or open one in their own name.  Contributions to Junior ISAs can be made by parents, guardians, family and friends, but the total must not exceed the annual limit.

How to open an ISA with Unity Mutual

Opening an ISA with Unity Mutual is straightforward. First, select the type of ISA you’d like, for example, our Stocks and Shares Flexible ISA* or Lifetime ISA*.

You’ll need to complete our application form, which asks for basic personal details and your National Insurance number. Ensure you read the full terms and conditions to make sure you have a complete understanding of the product you are buying before you proceed.

If you’d like to speak to one of our expert, friendly team members, we’re always here to help. Contact us on 0161 214 4650. While we can’t advise whether a certain ISA is right for you, we’re happy to provide clear, factual information and explain how our products work.

If you're unsure whether a product is right for you, it's worth speaking to an Independent Financial Advisor (IFA). You can find a local advisor at unbiased.co.uk. Keep in mind that financial advice may come with a fee, so be sure to ask about costs before receiving advice.

*Terms and conditions apply. Please note that for Stocks and Shares ISAs, the value of investments can go down as well as up, and you may get back less than you invest.