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        Updated: April 06, 2024

        Multiple Lifetime ISAs

        Looking to take out more than one lifetime ISA? Find out how many you can have in our guide

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        Lifetime ISA (LISA) allows you to save money in a tax-free account to buy your first home or retire with, and the best part is that you could earn a 25% bonus on top of what you put in. These benefits are designed to reward you for saving, but could you still reap these benefits if you opened multiple LISAs?

        In our guide, find out how many Lifetime ISAs you can actually open, how much money you could realistically make by doing so, and whether any other type of savings product may be more suitable for your circumstances.

        How many Lifetime ISAs can I have?

        You’re free to open as many Lifetime ISAs as you like from the ages of 18-39, however, you’re only allowed to open one each tax year, and you can only claim the UK Government’s 25% bonus on one. Currently, you can put £4,000 a year inside a LISA and get free cash on what you save – so, for every £4 you save, you’ll earn £1.

        While you won’t get a bonus with each LISA account you set up, you could still benefit as you won’t pay tax on any interest or investment returns. The rates you receive will also depend on whether you choose a cash or a stocks and shares LISA, as you have the potential to get greater returns with a stocks and shares-based account, though there’s also a higher risk of you losing out in periods of stock market volatility.

        Another thing to bear in mind is that once you turn 50, you won’t be able to pay into your LISA and the government will stop topping up your account with the 25% bonus. Until then, your funds would accrue until you could access them at age 60.

        To ensure that you’re getting the most out of your hard-earned cash, speak with an expert financial advisor. They can work with you to recommend the right products that could make your cash bloom, rather than being stuck earning little interest in a low-performing savings vehicle.


        You can have two Lifetime ISAs, though you cannot open both in the same tax year and you cannot pay into both during the same tax year. However, the good news is that couples looking to purchase their first home can both take out their own Lifetime ISAs and benefit from the 25% bonus from the government.

        For example, if two individuals saved £200 a month into their own ISA over a five-year period, they would have saved £12,000 from their own cash and earned a £3,000 bonus, giving them £15,000 each (excluding any interest earned). In total, they could combine their money and put a healthy £30,000 towards their first home.

        Couples saving for their retirement would also still get to enjoy a 25% bonus on their savings if they took out separate accounts. Say, for example, that you and your partner took out a LISA separately and saved £200 per month at age 30 and paid into the scheme for 19 years; you could have saved £48,000 already, plus gained a £12,000 bonus. On top of interest earned, you could be walking away with a tax-free pay out of £77,144.

        For more accurate rates and product recommendations to match your lifestyle and savings goals, it’s best to speak with an advisor.


        You can open three, four or even 20 Lifetime ISAs in your lifetime, though you can only pay into one account each tax year, and you’ll still only be able to claim you 25% bonus on one of them, not all. So, if you’re looking to take out multiple Lifetime ISAs in order to maximise your savings, you may be better off with multiple other ISAs.

        For more information, read our ‘Can I have multiple types of other ISAs’ in our section below.

        Speak to a expert today

        How much money could I earn?

        With an individual LISA, the amount of money you could make through your Lifetime ISA will depend on a combination of various factors, including:

        • How much you save into your account per year
        • What age you start saving
        • What the rate of interest is
        • Whether you opt for a cash LISA or a stocks and shares LISA
        • Your attitude to risk (aka low-risk, balanced, or high-risk)
        • If you have to pay any account-associated fees

        By working with an independent financial advisor, you will be able to look at your needs and circumstances and make highly tailored recommendations. If multiple ISAs is something of interest to you, they can also suggest the best ISAs, savings accounts or personal pensions so that you can meet your investment goals with the right products

        Can I have multiple types of other ISAs?

        Yes, you can own other types including cashISAs, stocks and shares ISAs and Help to Buy: ISAs (though this closed to new applicants in 2019).

        For example, you could open up a Lifetime ISA and max out the annual limit with £4,000, then open a cash ISA plus a stocks and shares ISA all within the same tax year and still put £16,000 into them – just so long as you don’t go over the £20,000 annual ISA limit (for the tax year 2019/2020), you can divide your funds up as you wish.

        Transferring between ISAs

        If you want to transfer your Lifetime ISA funds into another type of ISA (such as cash, stocks and shares or innovative finance), you would incur a 25% withdrawal charge – so you could be walking away with less than what you paid in.

        The good news is that it’s much easier to transfer funds from a different ISA into a Lifetime ISA and you won’t face any charges, though bear in mind that you can’t go over your £4,000 annual limit. For example, if you’ve earned decent dividends via a stocks and shares ISA, you may

        Speak to an expert

        If you’re wanting to open multiple ISAs including a LISA to maximise the returns on your investments, a financial advisor can recommend the best products available thanks to their whole-of-market access – and most likely find you deals that aren’t available to the general public.

        Want to start building your investment portfolio? Make an enquiry and we’ll match you with an expert for a free, no-obligation chat. We only work with the best advisors in the business, and they are all regulated by the Financial Conduct Authority for your peace of mind.

        Ask A Quick Question

        We can help! We know everyone's circumstances are different, that's why we work with brokers who are experts in ISAs. Ask us a question and we'll get the best expert to help.

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        Richard Angliss

        Richard Angliss

        Finance Expert

        About the author

        Richard Angliss has made a career in financial services which stretches over 40 years.

        His early career was spent learning about the various financial products and applying them to prudent advice, working for one of the largest life assurance and investment firms. After that he joined the financial services arm of a very well-known firm providing independent advice to their 8 million customers.

        For the last 20 years he has been involved in building software solutions that help Advisers and clients work together to achieve good financial outcomes and helping to set up three independent advisory firms. He also has written many articles for financial services publications and provided commentary for newspaper journalists.

        At an early stage in his career he realised the great satisfaction that comes with being able to help people achieve their goals and protect their families. “Regulation of financial services has hugely impacted on ensuring people get appropriate advice. The issue these days is access to that advice and just as importantly regular reviews to make sure that everything stays on track”.

        With the growing development of online resources such as Online Money Advisor he sees a great future for people to access advice to make their pension and investment work harder for them.  Plus, of course, to ensure they have insurance products in place that will be required when unforeseen events happen.

        He knows getting that balance right is crucial to prudent financial planning and the wellbeing of individuals and their families.

        FCA Disclaimer

        *Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us as well as any of our own are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

        Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.