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Strongest ISA season for eight years

Strongest ISA season for eight years

Category: Savings

Updated: 06/02/2013
First Published: 29/04/2010

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 It is now over 6 months old so the content may be out of date.
This year's ISA season has proven to be the most successful since 2002, suggesting consumers are increasingly looking to save rather than borrow.

Sales of ISA products amounted to £756 million in this year's ISA season, which runs from 1 March to 5 April, the largest figure since sales of £1,158 million were seen in the 2001/02 ISA season, figures from the Investment Management Association (IMA) show.

The enlarged sales may have been boosted as a result of providers launching new ISA products from February this year, meaning the traditional ISA season kicked off earlier than usual.

"The strong propensity to save, as seen in 2009, has continued this year," said Richard Saunders, chief executive at the IMA.

Total ISA sales in the first quarter of 2010 were equally encouraging, with £999 million being invested into the tax-free products.

It is the highest first quarter total for ISA sales since the 2000/01 financial year, when £1,547 million was invested by savers.

The results mark a sea change from ISA trends in recent years. Net outflows from ISA products of £467 million, £198 million, £70 million and £136 million were recorded respectively in the financial years from 2007/08 to 2004/05.

Recent figures from Moneyfacts.co.uk revealed that ISA product searches showed strong increases in March, with only fixed rate accounts attracting more consumer searches.

Find the best savings account for you - Compare fixed rate cash ISAs

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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