UK Money News
25th March 2008
Investors flocking to cash ISAs
Investors are increasingly choosing to deposit their money in cash Independent Savings Accounts (ISAs) instead of equity ISA accounts, new data has shown.
According to analysis from Virgin Money, more than 2.49 million mini and maxi equity ISAs have been opened this year.
This compares with the 7.38 million cash ISAs - equivalent to three times the number of equity ISAs.
Virgin Money spokesman Scott Mowbray attributed the trend to investors being scared off share-based ISAs by the current spate of market volatility.
However, by opting for cash ISAs, savers could risk missing out on strong returns in the long-term, he said.
Mr Mowbray explained: "The poor performance by stocks and shares in the past twelve months has inevitably pushed investors towards cash ISAs.
"But if you took that view five years ago you'd be kicking yourself now as shares have consistently performed well compared to cash."
Research from Virgin Money found that 2.5 times as much money has been put into cash ISAs as their equity equivalents - despite the fact that equity ISAs allow for larger deposits to be made.
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