A 4.55% AER Cash ISA from the UK's best mortgage broker

Cash ISAs are exempt from income tax and are separate from your Personal Savings Allowance (PSA). This makes them a tax-efficient way to save towards lots of different life goals, from your first home, a holiday to just a rainy day. Plus, you can save up to £20,000 into a Cash ISA each tax year!

Yes, you can save £20,000 into one ISA account each tax year, or spread your £20,000 limit across multiple ISAs. Remember, if you have a Lifetime ISA this is included. So if you've already saved £4,000 into your LISA this tax year, you will only be able to save up to £16,000 into another ISA(s). Once the tax year restarts on the 6th April, you can then save another £20,000 across all your ISA accounts.

You are allowed to pay into multiple ISAs in one tax year, as long as you don't exceed your annual allowance of £20,000. If you've exceeded your ISA limit and you are a Tembo customer, simply get in touch with our team and we can return your overpayment to you. If you've overpaid with another provider you'll need to contact them to see how they can help, it might be that you have to contact HMRC directly. Be aware that any ineligible withdrawals from Lifetime ISAs will incur an HMRC withdrawal penalty.

You can have multiple ISAs with the same bank, or with different providers. For example, you could hold a Lifetime ISA and a Cash ISA with the same provider. However, some providers may limit how many ISAs you can open with them. It can also be worth having ISAs with different providers to ensure you're getting the best deal for that ISA type from across the market.

From April 2024, you can open and pay into multiple ISAs of the same type in the same tax year, as long as the amount you deposit across all your ISAs does not exceed the annual ISA allowance of £20,000.