London and the South East hold the top spot for adult cash ISA savings in Britain, according to our analysis of ISA deposits from across England, Scotland and Wales. 

The analysis, based on CACI data tracking savings deposits of major providers, shows that over a quarter, 27%, of the total £303.1 billion saved in adult cash ISAs at the end of December 2023 comes from these regions.

The South East leads the pack with £48.1 billion saved in adult cash ISAs, followed closely by London with £35.7 billion.

The North West takes the third spot at £32.1 billion, with East of England fourth with £31.8 billion in savings.

At a country level, Scottish savers have £22.8 billion saved in adult cash ISA accounts, with those in Wales saving £15.4 billion.

All regions saw a year-on-year increase in cash ISA savings during 2023, with Yorkshire and the Humber experiencing the highest growth (18.4%). Scotland and the North East followed closely with 18% growth each, whilst Wales experienced the lowest growth at 15.5%.

Derek Sprawling, Paragon Bank Savings Managing Director, attributes the higher savings in southern regions to factors like larger average salaries and greater housing wealth.

He says: “Last year saw a resurgence in ISA saving, with southern regions seeing the greatest overall level of new investment into cash ISAs. Given the higher average salaries and the greatest concentration of housing wealth in these regions, this is perhaps unsurprising.

“However, it’s interesting to see the North West high in the table, which perhaps reflects the growing economic hubs of Liverpool and Manchester in that region. It’s also pleasing to see the strongest percentage growth in new ISA cash savings coming from areas that generally have smaller overall ISA deposits, including Yorkshire, the North East and Scotland.”

For further information on cash ISAs, visit our Savings Explained webpage.