UK households put a record £103bn into Isas amid 'dash for cash'

British households stuffed a record £103bn into tax-efficient individual savings accounts, according to annual figures that underline the strong appetite for the certainty of cash over stock market investments.

- Zoe Wood

Savers opened 15m Isas in the 2023-24 tax year, up from 12.4m the year before and the highest level for 13 years.

The number of cash Isas increased by 2.1m to just shy of 10m, with the total squirrelled away in this type of account jumping by 67% to almost £70bn, according to HM Revenue and Customs (HMRC).

Its report said that, during the period, "increased returns to savings are likely to have increased the attractiveness of Isas as a means to reduce savings income tax liabilities."