Northerners most solid for savings claims Halifax

People in the north of England are the nations most effective savers and have the most money stashed in Isas, Halifax research has claimed.

The average northern saver has £7,892 in an Isa. The north is followed by savers in the north west and in Northern Ireland, who have average Isa savings of £7,631.

The Halifax research, which only considered fixed-rate Isas, also showed that these areas are mostly liked to opt for a tax-free fixed-rate best saving account.

Excluding the north of England and Northern Ireland, which account for 18.3 per cent of Halifax fixed-rate Isas, the Midlands and East Anglia had the next keenest take-up, with 17.5 per cent of all accounts.

But even savers in these areas are missing out on the full potential of their tax-free savings, said Halifax.

“Everyone has an annual allowance of £3,000 to place in a mini cash ISA, which will earn interest free of tax,” said Peter Jackson, head of banking and savings at Halifax.

“With the new tax year just begun, it makes perfect sense to put as much as you can in an account that earns a great rate which is guaranteed for one to four years.”

© Adfero Ltd

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