Canny Fifers top ISA table

The average Fifer has almost �13,000 tucked away in tax-free saving plans. Pic: John Devlin
The average Fifer has almost �13,000 tucked away in tax-free saving plans. Pic: John Devlin
0
Have your say

A national survey has revealed that canny Fifers have squirreled away almost £13,000 in savings accounts designed to keep the tax man at bay.

Data released by Nationwide Building Society show the average cash Isa balance in the Kirkcaldy postcode area was only narrowly beaten by affluent areas such as Twickenham and Perth.

From last July savers were able to desposit a maximum of £15,000 per year in tax-free savings plans and, for the first time, could put the full allocation in a cash-Isa, stocks and shares, or a combination of both.

As a result nearly £5bn was desposited by eager savers around the country - despite miserly interest rates on cash-Isa accounts.

Kirkcaldy’s surprise placing (at 16th in the UK) illustrates residents here do have affluence and considerable spending power.

And that’s a fact which has not escaped the attention of Bill Harvey, manager of Kirkcaldy4All.

He said: “These are interesting statistics and indicate that there’s wealth in the town.

“The job for us is to try and get some of that wealth into the local economy.

“There’s an argument that national retailers should be investing in Kirkcaldy town centre because they help leverage wealth into the local economy, thereby benefiting the town and the area in general.”

Richard Marsh, director of 4-Consulting revealed Kirkcaldy now hosted a growing community of high-income commuters, with one-in-five employees living here earning a full-time equivalent salary of £40,000 or more a year.

“The surprise at Kirkcaldy appearing high up league tables of wealth could therefore be explained,” he said.

“But this surprise does point towards challenges in bringing together different communities that may be disconnected from the town and from each other.”

So who tops the UK’s ISA league?

1 HA (Harrow) £15,476

2 KW (Kirkwall) £15,442

3 BR (Bromley) £14,443

4 IG (Ilford) £14,039

5 KT (Kingston) £13,828

6 EH (Edinburgh) £13,678

7 DG (Dumfries)£13,617

8 AL (St Albans) £13,549

9 PH (Perth) £13,520

10 TWO (Twickenham) £13,437 ...

15 HP (Hemel Hempstead) £13,055

16 KY (Kirkcaldy) £12,984

17 TD (Galashiels) £12,980

18 SM (Sutton) £12,978