The number of new ISA accounts opened at Skipton Building Society in the first two weeks of April increased by 203% compared to last year.

The building society said that in an environment of high interest rates, savers have been "rushing more than ever before" to make the most of their tax-free ISA allowances.

In the first two weeks of April, Skipton also reported a 76% increase in online ISA activity.

Head of savings products at Skipton Building Society, Alex Sitaras, said: "The onset of the personal savings allowance (PSA) in 2016 had resulted in a decline in ISA demand over the years.

"However, with higher interest rates, the effectiveness of the PSA is reduced, with it taking a lower balance to reach the allowance limit. This has seen a resurgence in ISA with record levels of activity as customers look to make their savings as tax efficient as possible."

Following the changes to the ISA rules in the Government’s autumn statement in November, Skipton has allowed customers to split their current year’s ISA allowance across multiple cash ISA products.

Previously, customers had to commit their cash element of their ISA allowance to one product. However, new rules mean they can split it across multiple products or providers, up to the £20,000 annual allowance.

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