Cash continues to be the most popular Isa category, according to research from Halifax based on Inland Revenue figures.
Cash Isas recorded growth in balances of 129 per cent over three years to March 2004, to 81.6bn. Stocks and shares Isas saw growth of 68 per cent over the same period.
The survey also found that over nine million Isas were opened in the UK in the first half of 2004/05, up 6 per cent on the same period last year.
Halifax head of savings Cheryl Millington says: “Perhaps because most people are comfortable with the concept of cash deposits, cash Isas are the most popular choice and more than two-thirds of those people with an Isa have chosen to save in the cash version.”