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30 Apr 2014

Britons Save £57bn In ISAs In 2013

Britons saved a total of £57 billion in individual savings accounts (ISAs) in 2012/2013. This marks a record in the combined amount of savings and highlights their growing success following the introduction of a higher allowance in 2008/2009.

Data released by HM Revenue & Customs (HMRC) showed that the amount of money saved in ISAs went up 8.6% from the previous year. Moreover, subscriptions to ISAs also increased, with 14.6 million people now subscribed, compared to 14 million in 2011/2012. The popularity of ISAs as a saving vehicle is rising, despite falling interest rates. Cash ISAs in particular, account for about 80% of all savings accounts. Meanwhile, Junior ISAs, which were launched last year, reached 295,000 subscribers, with an overall value of savings standing at £392 million in the first year of being available.

In terms of the average value of savings, however, stock and shares ISAs perform better, with £5,629 saved on average versus £3,501 for cash accounts, the HMRC said. These could increase further, as annual limits are due to increase in July to a total of £15,000 per year.

Statistics from HMRC also revealed that the average ISA holder has a yearly income ranging between £10,000 and £20,000. As annual incomes rises, the likelihood of saving in an ISA drops but, as you would expect, the average amount of savings goes up. For example, people with an annual income of £150,000 or more typically have more than £48,000 in their savings account.

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