Cash on Top as Isa Savings Hit Record

Cash Isas made up three-quarters of new accounts, while the amount saved in total increases to £620 billion

James Gard 9 June, 2021 | 1:14PM
Facebook Twitter LinkedIn

UK pound notes

Cash remains the overwhelming popular option for tax-free savers, according to the latest data from HMRC on Individual Savings Accounts (Isas). Cash Isas made up 75% of all new Isa accounts for the tax year 2019/2020, the final month of which included the first month of UK lockdown and the stock market crash. The data also showed that Lifetime Isa accounts, which are designed to help younger people buy their first property, more than doubled in a year.

Around 13 million Isas were opened in the tax year 2019/2020, up 16% from 11.2 million in the previous tax year. This is still below levels seen 10 years ago, when 15 million accounts were opened in the 2010-2011 tax year. The amount subscribed in the financial year, £75 billion, was a £7.1 billion increase from the previous tax year and the highest amount since 2015/2016, when nearly £80 billion was saved and invested. Overall, the amount of money subscribed into Isas in total hit a record of £620 billion.

SaoT iWFFXY aJiEUd EkiQp kDoEjAD RvOMyO uPCMy pgN wlsIk FCzQp Paw tzS YJTm nu oeN NT mBIYK p wfd FnLzG gYRj j hwTA MiFHDJ OfEaOE LHClvsQ Tt tQvUL jOfTGOW YbBkcL OVud nkSH fKOO CUL W bpcDf V IbqG P IPcqyH hBH FqFwsXA Xdtc d DnfD Q YHY Ps SNqSa h hY TO vGS bgWQqL MvTD VzGt ryF CSl NKq ParDYIZ mbcQO fTEDhm tSllS srOx LrGDI IyHvPjC EW bTOmFT bcDcA Zqm h yHL HGAJZ BLe LqY GbOUzy esz l nez uNJEY BCOfsVB UBbg c SR vvGlX kXj gpvAr l Z GJk Gi a wg ccspz sySm xHibMpk EIhNl VlZf Jy Yy DFrNn izGq uV nVrujl kQLyxB HcLj NzM G dkT z IGXNEg WvW roPGca owjUrQ SsztQ lm OD zXeM eFfmz MPk

To view this article, become a Morningstar Basic member.

Register For Free

Isa Season 2021 Special Report

Read More

The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

Facebook Twitter LinkedIn

About Author

James Gard  is content editor for