UK savers opening ISAs in high numbers

Tuesday, June 8th 2010

The popularity of independent savings accounts (ISAs) appears to be on the rise, as Britons seek a secure place to store their cash.

According to new findings by the Investment Management Association (IMA), ISA sales for April were the highest for nine years.

In addition to this, fund sales reached a 2010 peak during the month, while funds under management are the largest on record at £510.9 billion.

"April's ISA sales are the highest monthly figure we have seen since April 2001. We are announcing the biggest change in the IMA's figures for over 18 years," said Richard Saunders, chief executive at the body.

There is also evidence Britons are beginning to splash the cash on the high street following the worst of the recession, with retail sales up £200 million to £2.3 billion.

The statistics back up the suggestions of Fidelity International, which earlier this week said Britons are storing cash in safe havens.