Millions more investing in ISAs

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Around 14.7 million people paid money into one of the accounts during the 2007/08 tax year, compared with 9.3 million in 1999/2000, the year the accounts were launched.

Just over a third of households now have an ISA, with a total of £207.8 billion saved in them, up from the £28.6 million that was paid into the accounts during their first year, according to Halifax.

People can invest up to £3,600 a year into a cash ISA with one provider, and the remainder of their annual £7,200 allowance can be invested into a stocks and shares ISA with the same or a different provider.

The amount of money invested in the accounts has increased by 26% since their launch, with Britons collectively paying in £35.7 billion during the past tax year.

But on an individual level, savings rates have actually fallen, with people paying in an average of only £2,426 into ISAs during the past year, compared with £3,064 in 1999/2000.

People are also increasingly likely to use their ISA allowance to hold money in cash, rather than to invest it in shares. Last year, 61% of all money held in ISAs was saved as cash, compared with 41% in 2000.

The value of money held in cash ISAs has soared 10-fold since their launch to £127.7 billion, while money in stocks and shares ISAs has seen only a five-fold increase to £80.1 billion.

Martin Ellis, chief economist at Halifax, said: "ISAs have proved to be a highly popular savings vehicle since their introduction almost a decade ago. The number of ISA savers has increased significantly during this period."

People in the South East are most likely to have an ISA, with 44% of households holding one, while those in Northern Ireland are least likely to be taking advantage of the accounts at just 14%.