Halifax applauds consumers for investing in cash Isas

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Halifax applauds consumers for investing in cash Isas

The level of cash Isa saving taking place in the UK is admirable, according to a source from Halifax.

Nitesh Patel, economist at the organisation, urged consumers to try to utilise their whole Isa allowance every year and applauded those who put aside a significant proportion of their cash in such products.

His comments were made after Halifax published research showing the average cash Isa balance in the UK is £7,782, which is just below one-third of the average wage of £26,075.

Mr Patel said: "It's great to see UK savers are taking advantage of the tax-free benefit of an Isa by investing just under a third of their income."

However, he explained that he finds it frustrating that people are not getting the maximum benefit from their annual Isa allowance.

Last week, Fidelity Investment Managers revealed that people could be £28,000 better off over the course of a lifetime as a result of the recent increase in the Isa threshold to £10,680.

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