There are 4 types of ISAs:
- Cash ISAs - savings in bank and building society accounts;
- Stocks and shares ISAs - that include shares in companies, unit trusts and investment funds, corporate bonds and government bonds;
- Innovative finance ISAs - loan-based crowdfunding and investment-based crowdfunding;
- Lifetime ISAs - can include either cash or stocks and are eligible for government contributions.
Exo provides stocks and shares ISAs to UK tax residents aged 18 and over.
For the 2020/2021 tax year, the annual ISA allowance is £20,000. You can either invest the full amount in one ISA or distribute it amongst several ISAs of different types. However, you cannot hold two ISAs of the same type, even if you've opened them with different providers.
For instance, for the current tax year, you can invest £10,000 in a cash ISA and £10,000 in a stocks and shares ISA but you cannot contribute £10,000 to two different stocks and shares ISAs.
So if you already hold a stocks and shares ISA for the 2020/2021 tax year, you will need to close it before opening an Exo stocks and shares ISA.
Alternatively, you can still open an Exo General Investment Account (GIA).