Savers to cash in on SSIA windfall from today

Thousands of people who signed up to the Government's SSIA scheme will begin receiving their cash from today.

More than one million people opened Special Savings Incentive Accounts and are set to receive payouts totalling around €15bn as the accounts mature in the coming years.

Savers who joined at the beginning of the scheme will have access to their cash, as well as the Government bonus of 25%, from today.

Many are still undecided what to do with the money, but house-buying, home improvements, holidays and cars top many lists.

The Financial Regulator is urging SSIA holders to be sensible with their cash, not to make any hasty spending decisions and to consider using the money to pay off any debts they may have.

Social Affairs Minister Seamus Brennan, meanwhile, is encouraging people to reinvest at least part of the sum in a pension scheme.

The Government has introduced its own initiative whereby people who put a €7,500 lump sum into their pension will receive a €2,500 top-up from the Exchequer.