BoI says just 7% of customers are planning SSIA splurge

Bank of Ireland has reported a sharp decline in the number of its customers who intend to spend all of the money in their Special Savings Incentive Accounts.

The bank said 7% of respondents to a recent survey of 1,200 of its customers intended to spend all their savings when the accounts mature.

It said this was down from 17% in a similar survey carried out a year ago.

The bank said also said the figure contradicted claims that the economy would be flooded with cash when SSIAs begin to mature.

However, other results from the survey showed that 21% of respondents intended to spend some of their cash and a further 47% were undecided.