The old saying that you have to spend money to make money is clearly evident in the UK right now with the annual Cash ISA season in full swing.

The astounding amount of money being shovelled out to advertising agencies and media promoting Cash ISA products indicates banks are hungrier than ever for customer deposits.

Flick through any of the national newspapers, catch any prime time ad break and there is an evens chance you will see a bank clambering for a slice of the nation’s hard earned savings.

Throw billboards and buses into the mix and it becomes apparent that while Britain may have crawled out of recession by its finger tips in the last fiscal quarter (GDP growth was reported up by 0.1% in the December quarter) UK banks are desperate to bolster their deposit books as an alternative to sourcing lending from the tight intra-bank lending market.

This is reinforced by some of the Cash ISA rates on offer – 3, 4 even 5% above the Bank of England cash rate.

So what is the appeal from a consumer perspective?

Well, to be frank, there isn’t much of an appeal right now.

A Cash ISA allows consumers to invest up to £3,600 (£5,100 for the over-50s since October 6, 2009) in cash each tax year.

So even with a generous 5% tax-free return (most banks are offering around 3%), your average punter would only reduce their taxable income by £90 per year – at best.

This is just over half of what a household would pay each year in TV license fees to watch the beloved BBC.

Therefore the hype and frenzy kicked up by the banks each year does not appear to justify the merits of the product, however admittedly there is an obvious compounded year-on-year tax benefit from investing.

ISAs were introduced in April 1999, so those who have made full use of their annual allowances (cash and shares) every year since, will have squirreled away at least £77,400 from the taxman (£80,400 if you’re over 50 and qualify for the new higher limit) – including the new 2009-2010 allowance.

In total savers under the age of 50 can invest up to £7,200 in a single tax year when share ISAs are included, while the over-50s can invest up to £10,200 each tax year.

The following are just a handful of the institutions out there promoting Cash ISAs.

First up is a rather embarrassing clip from the Halifax, akin to a teenager watching their parents cutting a move on the dance floor at a family wedding.

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