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Record flows into ISAs in April

ended 01. June 2023

Data from the Bank of England published this morning has revealed that, during April, households deposited an additional £3.6 billion with banks and building societies, following net withdrawals of £3.0 billion in March. Within the household deposits measure, there was a record net flow of £9.0 billion into ISAs. Any thoughts on this, specifically the massive flow of cash into ISAs, perhaps due to higher rates and the beginning of the tax year, whizz them across ASAP as this story is BREAKING.

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Editor
Scott Gallacher
Director at Rowley Turton
The surge in cash pouring into ISAs is a perfect storm, fueled by the new tax year and the enticing pull of higher interest rates. With rates climbing, individuals holding significant cash balances are now faced with an income tax issue as their interest income surpasses the Personal Savings Allowance. In response, they are flocking to ISAs as a smart and tax-efficient solution to maximize their hard-earned money.