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ISA saving levels increase in April

People have increased the amount they are saving following a spring launch of competitive ISA accounts.

The Building Societies Association (BSA) has shown that savings into cash ISAs totalled around £1.37 billion in April, which is more than double the £668 million that was set aside into ISAs during the same month in 2010.

Savers were quick to take advantage of their annual allowance, after a number of attractive cash ISA were introduced.

They are seen as one of the most efficient ways to save because of the way they conceal money from the tax man.

Savers put away a combined sum of £983 million during April discounting all withdrawals, which is a huge increase on last April's figure of £537 million.

Adrian Coles, director-general of the BSA, said: "Mutuals had a significant inflow of funds into savings accounts during April which was helped by particularly strong deposits into ISA accounts compared to April last year."

Copyright © Press Association 2011

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