Nearly fifty percent of Londoners will pay into a cash ISA This tax year, according to research produced by Santander Savings. The bank revealed that 17 million UK adults, or 35 percent of the total UK population will be taking advantage of cash ISA’s this year.
Those in the 18-34 age-group are to be the biggest users of cash ISA’s this year, with some 40% of the demographic set to be pay into their ISA. However, 35% of those 55 or over are also expected to pay attention to their cash ISA’s.
Region – Percentage of adults who will pay into a cash ISA this tax year
East Midlands 37%
South East 36%
East of England 36%
North West 35%
West Midlands 34%
South West 32%
Yorkshire & Humber 32%
North East 26%
Matt Hall, Head of Savings at Santander, commented: “With only three months in to the new tax year, savers should be looking to make use of their full cash ISA allowance sooner rather than later. Depositing money in a cash ISA is a great way to save, with benefits including nearly a full year of tax-free interest, and there are some good rates of return available for those who are prepared to shop around.”