31 March 2016

Cash ISAs unpacked: how the nation saves

Brits save for a variety of reasons – from rainy days to sunny holidays, a new car or even a dream home – and, for millions of people in the UK, cash ISAs have become a popular tax-free saving option.

With the end of the tax year just around the corner (April 5), we have identified the most common UK regions for cash ISA holders. Our infographic maps the nation’s saving habits, looking at the amount of money people have saved on average across the country – from Inverness to Swansea.

isa infographic

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.

Interested in a Cash ISA?

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