Savers making good use of their ISA allowances

Savers in the UK are continuing to make good use of their ISA allowances as they look to take advantage of the best savings rates, according to new data from Halifax.

The bank's figures show that the average ISA balance currently stands at £8,505, the equivalent of a third of the average pre-tax annual earnings at £27,235.

ISA customers in South Buckinghamshire are taking the best advantage of their tax-free savings allowance with an average of £11,059 put aside, while the balances of Hackney savers are the lowest at £5,455 on average.

People over the age of 75 were likely to have the highest savings balances at an average of £14,111, while those between the ages of 18 and 24 had the least set aside with £2,210.

The findings come one year after Halifax launched its Cash ISA Promise, which challenged the market to deal with issues affecting ISA customers.

Recent research by NS&I highlighted that Brits who set themselves saving goals are most likely to set cash aside.
 

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2011-10-26 11:24:37 © Moneyextra.com