Illustration by Andrew Nye

When is the ISA deadline?

It’s on April 5th, every year. That means any funds need to arrive at your provider by April 5th the latest. If there is a weekend or bank holiday on the deadline you need to have deposited your money earlier. 

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What if I miss the deadline?

It’s not the end of the world. You get a new £20,000 ISA allowance starting on April 6th, but any unused allowance from the previous year does not rollover. 

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What are the different types of ISAs?

There are 5 types and we’ve written about them in our ISA guide. 

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What is the ISA limit?

You can deposit up to £20,000 across all your ISAs combined. 

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Can I have more than 1 ISA?

Yes, you can have multiple ISAs, but you can’t open more than 1 of the same type in the same tax year. 

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Can I open a 2nd Stocks & Shares ISA?

Yes, but you need to do it in separate tax years. 

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Can I deposit all £20,000 in one ISA account?

Yes you can, except for the Lifetime ISA which  is the only account with an upper limit of £4,000 deposited per year. 

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I don’t have £20,000 to deposit. Should I still use an ISA?

Yes! It’s always good to take advantage of the annual 20k allowance to whatever extent is possible for you. ISAs become really valuable over time as you keep growing the size of the investment so it’s important to start early. One day you’ll be maxing out your allowance and wish you had more!

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Can I take money out of my Stocks & Shares ISA?

Yes, you can withdraw anytime and this won’t impact your annual limit. Once you’ve deposited, you’re able to withdraw and redeposit freely that same amount. 

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Can I transfer my ISA to a new provider?

Yes, that’s always possible and your new provider should be able to do that for you. It’s best to get in contact with your new provider and let them make the transfer, instead of withdrawing from your old account to move into the new one. 

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