Cash ISA statistics

Where the UK stands with interest-free savings accounts.

Charlie Barton

by , Banking and Investments publisher

With an Individual Savings Account (ISA) offering tax-free interest on your savings, it has been a popular option for people thinking about financing their futures. For the 2019/20 tax year, the tax-free ISA allowance is £20,000 for adults and £4,368 for juniors, with different types of ISAs available based on the purpose of the account.

Here, we run through a comparison of ISA providers and present how cash ISA accounts have performed for both adult and junior savers.

The latest stats

  • The average amount of money per subscription for 2017/18 was £6,409, of which cash ISAs made up £5,114 (80%)
  • As of December 2018, the average interest rate on cash ISAs was 0.92%
  • As of 2017/18, approximately 15% of UK adults had a cash ISA account

Cash ISAs over time

The graphs below plot the number of cash ISA account subscriptions, the overall amount subscribed in cash ISA accounts and the average amount per subscription.

Unsurprisingly, the values for junior cash ISAs is significantly lower than the corresponding adult accounts over the given time frames. However, the trends presented for adult accounts is often different than from junior accounts.

The overwhelming trend among adult accounts is that, up to 2018, the number of accounts has decreased while the overall subscription amount has remained fairly constant. As the final graph supports, there are fewer accounts overall but, of those people that own cash ISA accounts, more money is being transferred in.

Adult Cash ISA Junior Cash ISA
2012-13 11,682 204
2013-14 10,481 310
2014-15 10,288 365
2015-16 10,118 497
2016-17 8,480 569
2017-18 7,783 636
Adult Cash ISA Junior Cash ISA
2012-13 40,901 294
2013-14 38,821 431
2014-15 60,951 405
2015-16 58,694 522
2016-17 39,191 525
2017-18 39,801 517
Adult Cash ISA Junior Cash ISA
2012-13 3,501 1,442
2013-14 3,704 1,391
2014-15 5,924 1,110
2015-16 5,801 1,050
2016-17 4,622 923
2017-18 5,114 813
In 2018, the average amount held in an account was £5,114 for adults and £813 for juniors. During the 2012–2018 period, this was the lowest amount for juniors; in fact, it’s a 44% decrease on the 2012 numbers. In comparison, the 2018 average amount held for adult accounts was greater than the average value over the time period. Therefore, more juniors are deciding to open cash ISA accounts but appear to be able to afford to hold less in them in 2018. Meanwhile, the same accounts are becoming less popular among adults but these adults are saving more in their accounts.

Sources used

HM Revenue and Customs
Bestinvest
The Money Charity

For all media enquiries, please contact

Matt Mckenna
UK communications manager
T: +44 20 3828 1338
matt.mckenna@finder.com@MichHutchison/in/matthewmckenna2

Related articles

Spare change

Spare change

We've done some research to find out what Brits are doing with their coppers. A shocking one in eight (14%) are ditching their spare change by throwing it in the bin. Read more…

Tesco Bank app review August 2019

Tesco Bank app review August 2019

While something of a juggernaut in the groceries and traditional banking sectors, Tesco Bank doesn't have quite the same aptitude for digital banking. Its app does comfortably hold its own against HSBC, TSB and first direct, but nevertheless it lags far behind the leaders in the sector, like Starling, Monzo and Revolut. Read more…

first direct app review August 2019

first direct app review August 2019

While not in the digital banking big leagues, first direct's app offers a reliable, easy way to manage your first direct accounts. Given the bank's innovative history, though, you might have expected a stronger showing in the brave new world of digital banking. Read more…

HSBC app review

HSBC app review

HSBC is something of a household name - in 2018, it was the 7th largest bank in the world. But how does it fare in the emerging digital banking market? Read more…

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site