You're allowed to pay into one of each type of ISA each financial year (6 April - 5 April). They all contribute towards your total ISA allowance. The current limit for this tax year is £20,000. At present Nutmeg only offers a stocks and shares ISA and a Lifetime ISA (LISA).
When you set up an ISA with Nutmeg, we put the ISA wrapper on all your pots, with exception to LISA and Pension pots. This means that you can create as many pots as you like — from paying for your children's education to buying a new home.
This approach does mean that you can not ringfence one of your pots as "ISA" and "non-ISA".
Setting your ISA limit
As part of the ISA set up process we ask you to set your own ISA limit. This limit should also take into account the amount you have paid into (or plan to pay into) an ISA held elsewhere during this financial year. We'll automatically count every contribution towards your ISA allowance until you reach the limit and anything above this will be held in a non-ISA (also known as a general investment account).
Total value of your ISA
On the left-hand side the “Your ISA” box will show you the total value of your ISA. This includes all previous years you have contributed to your ISA with us, any ISA’s you have transferred to us from another provider and the growth on top of that.
Viewing your ISA contributions each year
To view how much you much you have contributed for each tax year with Nutmeg, you can change the years in the drop down next to “Contributions for” to see how much you have contributed towards your ISA allowance with us for each of those years.
Withdrawing when you have an ISA
If you do hold an ISA and a general investment account (GIA) we'll first sell any investments that are not in your ISA. This means that you won't lose a portion of your ISA allowance unnecessarily.