One personal and business bank account provider has revealed through recent research that the average amount held in a cash ISA in the UK is £7,836.
Banking provider Halifax recently published its latest ISA Savings Map, which provided analytical trending information for all the different regions in the UK. The report found that the South East region – including London – had the highest ISA balances when compared to the rest of the country.
However the one capital borough was the site of the lowest amount of ISA savings account activity in the nation. The report indicated that those residing in Hackney save at a rate of 39 per cent less than the rest of the country.
The most savings-oriented area of the UK was found to be the Derbyshire Dales by the Halifax study. Those residing there averaged in excess of £10,400 in cash ISA deposits, which exceeded the UK average by 34 per cent.
In related news, experts have been urging Brits to take advantage of the best ISA rates in the country before the ISA allowance deadline is reached in the first week of April.
Brits need to maximise their tax-free ISA allowance of £10,000 before the 5th of April, one Fair Investment Company savings and investments head recently stated. Nick Scarrett stated that FIC had decided to cut its rates by as much as 100 per cent in an effort to attract the last stragglers as the last few weeks of the 2010-2011 financial year speed by.
Mr Scarrett noted that the competitive nature of FIC’s services can aid investors get the most out of their ISA allowance prior to the looming deadline.
Other experts have stated that many savers are reluctant to take out savings packages despite the benefits that an ISA can bring.