October sees increase in savings

01 December 2004
Sales of the tax-free individual savings account (ISA) made a small comeback in October compared with the previous month, but are still down 83 per cent on the previous year, according to new statistics.

Figures revealed by the Investment Management Association show that whilst net ISA sales did climb to £37.4 million from net ISA withdrawals of £23.5 million in September, they are still down substantially on the £221.6 million raised in October 2003.

IMA stats state net retail sales also rose 35 per cent on September from £272 million to £366.7 million but are still down over a third from £559.3m in October 2003.

Gross retail sales also rose one per cent from £256.2 billion to £260.2 billion, while gross ISA funds stood at £35.6 billion compared with £35.3billion.
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