The National Solidarity Bond – the government scheme designed to get savers to fund major state building projects – has taken in just €107m since its launch three months ago.

Despite an extensive advertising campaign, Irish citizens are not displaying the level of "solidarity" envisaged by finance minister Brian Lenihan when he announced the creation of the bond in last year's budget.

Launched on 30 April with a huge publicity campaign, by 15 July just €107m has been invested in the government-backed bond, according to the National Treasury Management Agency (NTMA), which runs the scheme with An Post.

The relatively poor response comes despite the fact people are now saving more than ever before to provide a bulwark against a sudden drop in income.

While an NTMA spokesman claimed the take-up for the scheme is "ahead of expectations", one Dublin-based financial investment adviser said Lenihan must be "disappointed" with the response to a saving scheme which he admitted was "not terribly exciting". The €107m compares to the €1.75bn people saved last year with the various state- backed savings schemes such as savings bonds, saving certificates, saving stamps and prize bonds – the highest amount in any one year since the NTMA was established in 1990.

The National Solidarity Bond provides a gross 50% (47.5% after tax) return after 10 years, which is equivalent to around 4% interest a year.

Minimum investment is €500 and the maximum is €250,000. Savers can withdraw their money during the 10 years but this will reduce their return.

Over 4,600 customers have invested an average of €23,000 each in the solidarity bond, with 87 new customers coming on board each day, a spokesman for the NTMA said last week.

While the spokesman claimed this was an "excellent response" and "ahead of expectations", a Dublin-based financial adviser said he would not advise his clients to invest in the bond.

"We don't find it very exciting" said Terry Devitt, investment director of Harvest Financial, based in Ballsbridge, Dublin.

Devitt said the problem with the bond was the 10-year wait to realise the gain.

"There is a psychological barrier of five years after which people want to see the gain. At 10 years, the solidarity bond has too long an exit door," he said.

"You can get around 3% from the banks and you only have to lock your money away for one year. The extra 1% with the bond is not sufficient incentive.

"It does provide a reasonable return and is very secure, but while people are saving they are not comfortable enough to lock it up for that long," Devitt added.