What are the rules around ISA allowances?

HMRC rules state that you’re able to open and deposit into more than one ISA in the same tax year. This includes paying into more than one ISA of the same type (e.g. paying into two Cash ISAs in the same tax year), but excludes paying into more than one Lifetime ISA, as this is limited to one per tax year). Please note that your annual £20,000 contribution allowance is shared across all of the ISAs that you have open.

For example, you could deposit £4,000 into a Lifetime ISA and £16,000 into a Stocks & Shares ISA within the same tax year if you wish!