London’s Harrow takes the top spot for having the highest cash ISA savings balance, according to data* from Nationwide Building Society. The customer average in Harrow stands at £16,736 – closely followed by Scotland’s Kirkwall, which racked up an average of £16,578. South East London and Leeds were at the lower end of the scale, with savings of £10,606 and £10,778 respectively.
According to the Society’s data, while London may be the highest-saving postcode, Northern Scotland had the highest savers regionally – squirreling away an average of £14,223. Northampton and Derby were among the areas that positioned East Midlands as the lowest-saving region, averaging £12,027.
HM Revenue and Customs data shows that more women are subscribing to cash ISAs than men – with 54% choosing this method of saving. In terms of income levels, those falling into the £10,000-£19,999 bracket were actually the most likely to save using a cash ISA, with 5 million holders, followed by 2.8 million in the £20,000-£29,999 bracket. The highest earning bracket actually has the smallest number of holders – with only 51,000 of those earning £150,000 or more using a cash ISA to save.
* All figures are drawn from internal Nationwide Building Society data and are based upon amounts saved in the Society’s cash ISA accounts.