Scotland’s average ISA balances rise by 27% in 3 years
14 March 2012
Latest research from Bank of Scotland shows Scotland’s savers are looking to make the most of annual ISA allowances as average balances grew by 8% in the last year; from £6,515 in January 2011 to £7,031 in January 2012 - an increase of £516. The growth, which is a trend seen over recent years, shows that the average cash ISA balance in Scotland has increased from £5,555 since February 2009 - representing growth of 27%, or £1,476.
Nitesh Patel, economist at Bank of Scotland, commented:
“It is encouraging to see that in these tough times, savers are managing to build on their ISA balances, making the use of the annual allowance. Indeed it is impressive that savers in Scotland have, on average, increased their ISA balance by 27%, or close to £1,500, in the past three years. This is bigger than the 23% rise for the UK as a whole. Nonetheless, the average balance in Scotland still trails the UK by a fifth.
As part of Lloyds Banking Group, Bank of Scotland is proud to be an Official Partner of the London 2012 Olympic Games and Paralympic Games.
"At tax year end the 'ISA season' is in full swing and savers can access some very competitive rates in order to make the most of their hard earned savings. Judging by the ISA balances - savers still have spare allowance available to use up this tax year, so now is the time to use it before they lose it."