Diligent savers could have accumulated almost £40,000 in deposits by using their full ISA allowances over the period, it has been claimed.
Tax-free ISAs have directly benefited "millions" of Britons over the past decade, one provider claimed yesterday.
Nationwide released its new report on ISAs as the accounts mark their ten-year anniversary after first being introduced on to the market in April 1999. The building society said that savers who had saved the maximum amount in their cash ISAs over the past ten years could have saved as much as £39,588 by now.
However, the anniversary comes at a time when ISAs have suffered from the general economic downturn. Interest rate cuts from the Bank of England have also decimated returns from savings accounts over recent months, further dampening savings inflows.
Figures from Abbey released earlier this week showed that fewer than one in five Britons had either filled their annual ISA allowance for the current financial year - or were planning to. Under UK law, savers can put £3,600 into a cash ISA and £3,600 into a stocks and shares ISA each year.
Commenting on the new Nationwide report, Andy McQueen, the firm's savings and mortgages director, said: "Over the last ten years, millions of people across the country have benefited from the tax-efficient savings that an ISA offers. Although interest rates are at an historic low, putting money aside on a regular basis is very important."
He added: "Having access to savings can help consumers manage unforeseen circumstances, not to mention helping them through the current economic downturn."
