ISA investments to hit all-time high?

The amount of money invested in ISAs will top £40 billion for the first time at the end of the tax year.

This is according to new findings from Clydesdale & Yorkshire Banks, which has noted the growing popularity of ISAs among savers.

When the accounts were first introduced in 1999-2000, 9.3 million were opened, although by the end of this tax year they anticipate that a total of 14 million will be in existence.

“It is only since 2005-06 that we’ve seen more people investing more money in ISAs. Given the tax advantages of ISAs we would hope to see this continue,” revealed Steve Reid, Retail Director for Clydesdale Bank.

He urged people to make the must of their full ISA allowance, as the amount invested in these accounts is still less than half of what consumers are entitled to.

In recent days, the Fair Investment Company suggested that people might want to consider putting money into an ISA as an alternative Valentine’s Day present.

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