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ISA Savings In Funds Almost Doubled

The amount of money saved in individual savings accounts (ISAs) through investment funds during 2013/14 was almost double the amount saved the year before, according to research by the Investment Management Association (IMA).

Net savings placed into ISAs via funds reached £2.3 billion in the 2013/14 tax year, over £1 billion more than in the previous tax year.

The IMA research also found that:

  • Of the £2.3 billion saved last year, £847 million was saved between 1 March 2014 and 5 April 2014
  • £358 million was saved in the first five days of April 2014
  • The total amount of ISA savings under management in March 2014 was a record £784 billion.

Daniel Godfrey, chief executive of the IMA, said:

“Once again, there was a last minute rush into ISAs at the end of the tax year with £358 million invested in the first five days of April alone. Although this is very encouraging and it is well known that there is nothing like a deadline for a tax break to prompt action, investors need to be aware that you can invest into ISAs on a monthly basis and that doing so reduces the risk of getting your timing wrong.

“Overall fund net retail sales in March were at £2.3 billion, exceeding February’s levels by more than £400 million. This demonstrates consistent retail appetite for investment funds.”

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