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Savers flock towards ISAs

Savers flock towards ISAs

Category: Savings

Updated: 28/04/2010
First Published: 28/04/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Consumers searched for ISA deals in their droves in the run up to the new financial year, research conducted by Moneyfacts.co.uk has found.

The ISA season kicked off earlier than usual this year, with a vast number of new products being launched, some of which were highly commended by Moneyfacts' star rating system.

In addition, research conducted in the run up to the 2010/11 tax year found that more than nine in ten ISAs accepted previous seasons' ISA allowance to be transferred in.

These clearly caught the imagination of savers, with figures showing that 27.51% of all searches for financial products made by consumers were by those looking to transfer their existing ISA allowance, up from 18.83% in February.

The percentage of searches made by savers looking to invest in an ISA also increased, from 17.67% to 22.93%.

The data shows that only current accounts drew more searches than ISAs in March, while just 12.09% of searches were for no notice accounts, compared with 18.88% in February, when they were the second most sought after savings products.

Figures also showed that almost a quarter (24.2%) of all funds invested in savings products in March were put into ISAs, with just over 17% being in the form of an ISA transfer and more than 7% being placed in a standard ISA.

"Even with ISA rates at historical lows, it is good news that savers have chosen to utilise their tax free allowance, ringfencing their capital in the knowledge that rates can only go up in the future," said Darren Cook, spokesperson for Moneyfacts.co.uk.

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