Every tax year, you get an allowance of £20,000 to save or invest into your ISAs. These can be a Cash ISA, a Stocks & Shares ISA, or a Lifetime ISA. There are other types of ISA, like Innovative Finance ISAs – but we don’t offer those at Moneybox.

While these ISAs share an annual £20,000 allowance, each type of ISA has different annual deposit limits. Here’s a breakdown.

  • Cash ISA and Stocks & Shares ISA: maximum £20,000 each tax year
  • Lifetime ISA: maximum £4,000 each tax year
  • Junior ISA: £9,000 each tax year (this £9,000 is in your child’s name, and does not come out of your personal £20,000 annual ISA allowance)

So, if you maxed out your Lifetime ISA with £4,000 in a tax year, you’d have £16,000 remaining to split between your other ISAs. You could put £10,000 of that into a Cash ISA, and £6,000 into a Stocks & Shares ISA. Or, if you paid £20,000 into your Stocks & Shares ISA, you’d have no remaining annual allowance for your Cash ISA or Lifetime ISA until your allowance resets next tax year.

The most important thing to remember with ISAs is that you can’t pay into two of the same type of ISA in a tax year. Here’s how that works.

  • Lifetime ISA and Cash ISA ✅
  • Lifetime ISA and Stocks & Shares ISA ✅
  • Cash ISA and Stocks & Shares ISA ✅
  • Lifetime ISA, Cash ISA, Stocks & Shares ISA and Junior ISA ✅
  • Cash ISA and Cash ISA ⛔