ISA Popularity Soars
Balances invested in ISAs soars 33%
9th August 2006
A report by market analysts Datamonitor reveals strong growth in the UK ISA (Individual Savings Account) market, with the amount invested rising by an estimated 33% during 2005.
The total value of balances now stands at almost £200bn, with almost two thirds of that accounted for by cash investments. The level of stocks and shares ISA balances also rose though, up 30% compared to 2004 and reaching around £66.5bn. The report forecasts that this growth will continue with the market growing by almost 50% by 2010.
ISAs are a tax-efficient savings plan where up to £7,000 a year can be invested, tax free, in a mixture of cash and equity.
Read More: Money Guardian : Isa balances up by a third
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