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UK enjoys strong ISA season

UK enjoys strong ISA season

Category: Savings

Updated: 06/06/2011
First Published: 06/06/2011

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 It is now over 6 months old so the content may be out of date.

ISAs caught the imagination of savers in the spring, figures from the Investment Management Association (IMA) show.

The body said that of the £2.4 billion that was added by Britons to their investments in April, ISA sales attracted around half, at £1.2 billion.

A total of £349 million of which was invested into ISAs in the first five days of the month (the end of the 2010/11 tax year) and £877 million of which was invested from 6th to 30th April (the beginning of the new tax year).

Richard Saunders, chief executive at the IMA, said the figures were reflective of a strong ISA season.

The trend of high ISA sales is expected to continue, as rather than tailing off at the start of the new tax year, sales of ISAs tend to remain strong, with some investors preferring to get in early with their ISA investments.

While the traditional ISA season has come to a close for another year, there are still a number of highly competitive accounts on the market, offering great rates of interest.

And with an increase in the amount that can be saved into cash ISAs, people can place as much as £5,340 into their account this tax year.

Savers keen to lock their money in for a year can get a rate of 3.10% with Nationwide's e-ISA which is operated online.

Those looking for a higher rate can commit their funds for two years in return for a rate of 3.70% with Chelsea BS's e-ISA account.

An additional £5,340 can be placed into stocks and shares ISAs, meaning returns from more than £10,000 of investments can be sheltered from the taxman each year.

For a full run down of the savings market's finest cash ISAs, as well as stocks and shares ISAs, check the Moneyfacts Best Buy tables.

Looking for a Cash ISA - Compare cash isa rates and best isa rates for transfers

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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 Any products featured may be withdrawn by their provider or changed at any time.

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