Cash ISA savings see massive increase to over £69bn

The latest Government ISA data released today, showing a major increase in people subscribing to, and putting savings into Cash ISAs for the year 2023/2024 – demonstrating the importance of the product in peoples saving and financial planning.

https://www.gov.uk/government/statistics/annual-savings-statistics-2025

Stats 2022/2023 vs 2023/2024

Cash ISA:

Subscriptions up from 7.86m to 9.94m – +26.5%
Amounts subscribed from 41,63bn to 69.5bn – +66.9%
Market value of funds up from 294bn to 360bn – +22.4%
Over 5m holders earn between £10,000-£19,999

Brian Byrnes, Head of Personal Finance, Moneybox: “With over £69bn saved into Cash ISAs in 2023/2024 it’s clear this product remains a cornerstone of financial planning in the UK. These figures matter – especially amid speculation that the Chancellor may cut the Cash ISA tax-free allowance to encourage more Brits to invest.

“In a climate of ongoing economic uncertainty and rising living costs, the role of savings in providing financial security and stability for millions across the country has never been more critical. With the Autumn Budget now confirmed for November, what’s needed is certainty from the Government on the future of people’s ISA allowances and a conclusion to its review of the ISA system which sees a clear commitment to safeguard the full £20K Cash ISA tax-free savings allowance.

“Let’s be clear, Cash ISAs are not a barrier to investing – they’re a gateway. They give people the chance to build financial resilience and the confidence they need to take their first steps into investing when the time is right. Undermining Cash ISAs risks weakening that journey.

“If the Government is serious about driving a stronger investment culture, it should focus on policies that build financial confidence, and make investing easier and more attractive for the UK public.”