Martin Lewis' MSE explains 'multiple Cash ISAs' rule to maximise savings

Money expert Martin Lewis has revealed how Brits can maximise the amount that they save by opening a number of . ISAs (Individual Savings Accounts) allow people who are aged 18 or above to save £20,000 per year and gain -free interest on that amount. Many people find ISAs as a great way to store their by gaining this interest. However, there are many things that people may not know about ISAs and how they could be maximising the amount that they save.

has answered some of the most important questions when it comes to ISAs and revealed how people can be getting the most out of their savings. The money expert answered a number of commonly asked questions on his website and revealed that people can actually have multiple ISAs open at one time, something that many British savers aren't aware of.

He revealed: "You can open and pay into multiple cash ISAs per tax year - for example, a fixed cash ISA and an easy-access cash ISA. And following changes to the ISA rules on 6 April 2024, these can now be the same type of cash ISA too - for example, easy-access cash ISAs with two different providers."

However, there are some rules that people need to be aware of. He added: "Just remember that the total paid in per tax year across all ISA types can't exceed your £20,000 ISA allowance."

Tomorrow sees the end of the 2024 tax year in the UK, meaning that people who have not used their ISA allowance by April 5 will lose it.

Lewis explained: "Each tax year (6 April until the next 5 April), everyone aged 18 or over gets a new ISA allowance. But if you don't use it, you lose it.

"Once that year's closed, you can't put another penny in that specific ISA allowance. So if you put aside nothing in the 2023/24 tax year, when the maximum was £20,000, that's it - it's gone. Or if you put £2,000 in during 2023/24, you can't now top it up as that tax year is closed.

"If you do deposit the cash in time, you can keep it in there, tax-free, for as long as you like. Then, as soon as the new tax year starts on 6 April, you can deposit a whole new year's allowance."