Contributions into a combination of Hargreaves Lansdown’s (HL) cash and stocks and shares ISAs have increased by 91% year-on-year between April and the end of October.

The firm said that rumours around the Budget had led to a record number of people paying into its SIPPs, stocks and shares ISAs, junior ISAs (JISAs) and lifetime ISAs (LISAs).

Furthermore, the number of people maxing out their HL ISAs increased by 22% year-on-year.

Head of personal finance at HL, Sarah Coles, said: "The looming Budget has inspired a record-breaking run for tax-efficient saving and investing, as people have been reminded just how valuable their ISA and pension allowances are.

"It’s the biggest year ever so far, for the number of people paying into HL SIPPs, stocks and shares ISAs, cash ISAs, JISAs or LISAs. It’s also a record year for people combining HL stocks and shares ISA top ups with payments into their HL cash ISA."

She added that with speculation around a cut to the cash ISA limit, people have been encouraged to increase their savings.

Furthermore, HL's stocks and shares ISA product has seen a 14% year-on-year increase in contributions, with rumours around potential capital gains tax rises pushing savers towards this product.

Coles concluded: "The fact that the number of people paying into HL cash ISAs has more than doubled in a year will owe something to the launch of a new HL cash ISA last year, allowing people to save in number of accounts with several providers, all within one overall cash ISA wrapper. However, it’s also a sign of the value that HL clients place in tax free savings options, and their enthusiasm to take advantage of the rules as they stand."

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