New research by the Halifax has revealed the average cash ISA balance held in the UK.
The most recent Halifax ISA Savings Map, which offers detailed analysis about savings trends across the UK, has found that the average ISA balance is more than £7,800.
The Savings Map also found that, in general, the amount held in cash ISAs was higher in London and the south east of the country than it was elsewhere.
However, despite these findings, the lowest overall average amount held in ISAs was also to be found in London, with people living in Hackney having 39 per cent less than the national average figure saved in their ISAs.
The people with the most savings in their cash ISAs were those living in the Derbyshire Dales, who had an average of £10,400 stored in their ISAs, making them 34 per cent higher than the country's average ISAs.
Head of Halifax savings products Flavia Palacios Umana, said, “Despite the majority of the large cash ISA balances being held in London and the South East, it is Derbyshire Dales in the East Midlands that has the highest average balance of all at £10,478.
“However, this only equates to just over twice the annual ISA limit and falls to as low as one and a half times at a national level. Many savers are still not making the most of their savings by using their full annual ISA allowance, which will earn them interest free of tax,” she added.
