Investors confidence in the Stocks and Shares ISAs has grown this year, with the number of people investing in this type of savings account growing.
A report published by Halifax Share Dealing show that in 2010/11 14% of ISA customers regularly invest in the Stocks and Shares ISAs, 20% up from the year before.
Multiple lump sum investments decreased, but single lump sum investments did rise 11%, helping to increase the total value of ISA deposits to £6,719, up over 30%.
The increased ISA limits of £10,200 a year saw the average deposit rise to £5,956, up from £4,267 the year before.
Damian Stansfield, managing director at Halifax Share Dealing, said, “This confidence is a result of the economic climate being perceived as more steady and an increase in income levels and customer confidence in the potential of their investments growing.
He added, “The increase in the number of regular ISA investments being made is enormously encouraging. It demonstrates that customers are taking advantage of our tax efficient services, this is especially important in such a low rate environment,’ said, ‘Regular ISA investments are becoming part of our customers’ longer term saving plans as well as an integral part of their financial management.”