Savers put typically £6,338 into Individual Savings Accounts (Isas) within the last financial year, a rise of 5% on the prior year and a record high. Overall £80bn was subscribed to these tax-free cash or investment accounts in the year to April, a record also. This is up slightly on the prior 12 months, and the second year in which the Isa limit has stood at £15,000. Previously, savers could only put less than £12,000 in the accounts each year, half of which could be in cash.
The numbers are published every year by HM Revenue and Customs (HMRC), which oversees the system. An array of suppliers of the accounts includes the major High Street banks. The vast majority of Isa savings is in cash despite continuing low interest rates. June In, consumer group Which? Isas, with earnings of as little as 0.05% when initial bonus rates expired.
More detailed evaluation, which only covers the period to April 2014, showed that individuals residing in the South West of England were most likely to place money into an Isa. Half of the populace of the spot acquired cash or investments in the tax-free accounts in the 2013-14 financial yr.
The lowest percentage of Isa savers among the populace was in Northern Ireland, where 20% of individuals used the accounts. In the English regions, London (36%) had the lowest proportion of Isa clients. The age profile of the population – much young in London than the WEST – is key to this pattern, with those aged over 65 the probably to have Isa cost savings.
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