Can you have more than one ISA?

At a glance

  • Your Annual ISA allowance for the current 2019/20 tax year is £20,000
  • You can split your investment between Cash, Stocks and Shares and Innovative Finance ISA
  • The Innovative Finance ISA (IF ISA) is a new category of ISA, that sits between the traditional Cash ISA and Stocks & Shares ISA
  • You can transfer other ISAs to your RateSetter ISA as part of the account opening process

Open your ISA

Capital at risk. No FSCS protection.

You can invest in the RateSetter IF ISA alongside a Cash and/or Stocks and Shares ISA

You can create a balanced ISA portfolio by splitting your annual ISA allowance across some, or all, of the three main types of ISAs. Remember, you can only subscribe to one of each type of ISA in the same tax year.  After the deadline your allowance refreshes, so it’s important to think carefully about how you use this allowance before the end of the tax year.

What’s the difference between an Innovative Finance ISA and a Cash ISA?

Innovative Finance ISAs offer better rates compared to Cash ISA providers. The Innovative Finance ISA rates are down to the nature of investments – Peer to Peer lending allows the person borrowing money to receive lower interest rates and the person lending the money is offered a higher interest rate than they would receive from a traditional bank. 

What's included in the RateSetter IF ISA?

With the Innovative Finance ISA investors lend towards personal loans, small business loans and property. This type of investing is growing rapidly in the UK.

Please note that tax treatment depends on individual circumstances and may be subject to change in the future.

Transfer an ISA