Savers poured £103bn into cash ISAs in 2023/24

The latest Annual Savings Statistics from HM Revenue & Customs (HMRC) showed the number of stocks & shares and lifetime ISAs subscribed to both increased, the overall 21% increase in adult ISAs was driven "primarily by a surge in people opening cash ISAs", BestInvest said. Managing director Jason Hollands said: "Over 9.9 million people subscribed to cash ISAs in 2023/24, the highest number in eight years. It's unsurprising this was the case given UK interest rates climbed to 5.25% during that year, their highest level since 2008. "Higher interest rates also meant higher tax bills on s...