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ISA increase 'no big surprise'
Figures released by the Treasury have shown a sharp increase in the amount of money being invested in ISAs.
It was revealed that money being put into cash ISAs increased by seven per cent in 2009/10 and stock and shares ISAs increased by 29 per cent.
George Ladds, head of investment and pension research at Fair Investment, said that the sharp rise in ISA subscription was probably due to the increase in the ISA allowance.
He said: "The increase may also have been affected by the fact that savings rates were so low - even relatively low rates on cash ISAs were beating the returns offered by most savings accounts due to their tax efficiency."
Mr Ladds believes that people are beginning to see ISAs as an important and significant part of the investment portfolio and realising their potential as both short term savings opportunities and long term retirement investments.
Meanwhile Northern Rock has introduced two new cash ISAs onto the market this week.