£18bn put in stock ISAs over past year
A record £18.4 billion has been ploughed into stocks and shares ISAs over the past year as savers' search for decent returns on their money continued.
But the amount of money placed in cash ISAs fell 5% year-on-year to £38.8bn, HMRC figures have shown.
The £18.4bn invested in stocks and shares represents a 12% jump on the previous financial year and is the biggest inflow since records started in 1999.
The typical amount placed in a cash ISA last year was £3,704, while for stocks and shares ISAs it was £6,163.
HMRC also revealed that at the end of 2013/14, the market value of adult ISA holdings was £470bn – a 6% rise on the previous year. This was spilt almost equally between the two ISA types.
Since the latest figures were compiled, the Government has changed the system to create the super ISA, which offers flexibility and a bigger tax-free allowance.
From July 1, the maximum amount people could place in an ISA per year was raised to £15,000. This can be deposited in stocks or shares or a combination of both.