British households put a record £103bn into individual savings accounts (Isas) in the latest annual figures for the tax-friendly savings vehicles, revealing a strong appetite for the certainty of cash.
The number of Isa accounts subscribed to in the 2023-24 tax year rose to 15mn, the highest level for 13 years.
The record total was largely driven by a surge in demand for cash Isas, accounting for £69.5bn, a 67 per cent rise on the previous year. High rates of interest set by the Bank of England led to rising cash savings rates, tempting savers to allocate more funds to this type of Isa.
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