ISAs more popular than ever

by Richard Kilner

Story link: ISAs more popular than ever

Record numbers of savers are opting for equity ISAs, according to Brewin Dolphin.

The firm saw a record £220m invested in ISAs for the tax year 2009/2010, a huge rise on the £133m invested in the preceding tax year.

The firm presently has some £2.8bn invested in ISAs on behalf of 50,000 clients.

The new ISA limit of £10,200 (half of which can be taken in cash) has seen more than ever before invested in equity ISAs, as tax-free, high interest ISAs prove increasingly popular amongst investors.

The ISA limit was increased by Chancellor Alistair Darling in his pre-election Budget, and it was also announced by the Chancellor that ISA limits will, in future, rise in line with inflation.

Brewin Dolphin’s head of Investment Management, David McCorkell, has said that there has never been a better time, with rising tax burdens, to invest in a tax-free ISA.