Saving with Current Accounts

jimjames

Consumerist wrote: »

An interesting tit-bit from <HMRC ISA Satitics April 2014> (p13):-

"In 2011-12, 33 per cent of those individuals who subscribed to a cash ISA did so at the full £5,340 limit for the year." and goes on to suggest "that higher earning ISA investors may have wished to subscribe even more to their cash account but were constrained by the annual subscription limit."

It will be interesting to see how the statistics change over the next year.

Stats are always interesting to interpret.

I'd read that as "of the few people who took out ISAs in 2011/12, 33% of them put full amount in".

So that's 33% of an already small number when 70% have no savings or under £1500 saved up.

Consumerist

jimjames wrote: »

. . . I'd read that as "of the few people who took out ISAs in 2011/12, 33% of them put full amount in". So that's 33% of an already small number when 70% have no savings or under £1500 saved up.

That's the way I read it too. So what percentage of the adult population have cash ISAs, I wonder. It's probably in that HMRC report somewhere but I haven't yet had a chance to dig it out.

I agree with Archie Bald above that we'll need to wait until cash-ISA subscriptions come more generally from income rather than other savings before we'll know the true effect of the £15K allowance.