The British Bankers Association has released figures which suggest that unsure investors favour the relative safety of cash ISAs compared to accounts influenced by stock and shares.
Investors put £14.5 billion into bank ISAs during the 2001-2002 tax year. High street banks accounted for just over 50% of all ISA purchases during the same period. It has also been confirmed that the majority of the money taken was for this type of investment, accounting for 72% of the total ISA monies going into banks.
The BBA said that the falling stockmarket had been a prime influence for investors and led to the decreasing popularity for stock and shares ISAs.