The value of ISA savings in the UK has increased seven-fold in the past eight years, from £28.6billion to more than £207billion.

According to Government data, at the end of the 2007/08 tax year, £207.8billion was held in ISAs, this is seven times as much as when ISAs were first launched in 1999.

Individual Savings Accounts (ISAs) were introduced on April 6th 1999 to replace TESSAs and PEPs as the main tax free savings vehicles for individuals.

Last year alone saw investments of £14.7millon, which is 59 per cent more than the £9.3million invested eight years ago. .