Key commentators have been focussing on the maturity timeframe of May 2006 for these accounts. However, based on Bank of Ireland's 272,000 SSIA accounts, only 35% will mature in 2006. The remainder will mature in 2007, 60% doing so in the last three months of the scheme.

76% of SSIA customers were first time savers, 24% of whom were between 25-34 years of age. Interestingly, 22% of this group were 55+. 79% of first time savers opted for a deposit SSIA and 21% for the equity product. Of the 24% experienced savers, 70% opted for a deposit SSIA with 30% choosing the equity product. 83% of SSIA customers were opportunists, 46% of accounts of were opened merely to take advantage of the government bonus.

Overall satisfaction with the scheme was high with 94% satisfied with the returns to date and 90% stating that they would choose the same product again. Customers with equity products are likely to be rewarded for the extra risk with the bounce-back in markets having a positive effect on returns to date, positioning this product as the likely top performer on maturity.

Commenting on the findings of the research, Brian Forrester, Managing Director, Bank of Ireland Life, said: "We are very pleased with the findings of this research, particularly in terms of the lower level of spending than has been speculated. 83% of SSIA customers intend reinvesting some or all of their monies. The survey showed that 86% of customers would continue to save into their SSIA account if the government introduced a bonus or tax incentive. If a tax incentive were introduced for people to transfer all or part of their SSIA funds into a pension fund, 51% would be likely to do so. This sends a very strong message to government and provides an excellent opportunity to increase the level of pensions funding from its current low level.

"The research clearly shows that there is an onus on all financial institutions to play a key role in offering solid advice to customers. The industry must provide appropriate products for those wishing to re-invest to help ensure that we encourage a sustained savings momentum."

Bank of Ireland again called on the surprising 53% of SSIA customers not contributing the maximum of Euro254 per month to increase their level of SSIA savings as a priority. Although two-thirds of customers stated that their SSIA contribution presented them with no financial difficulty, the average amount saved per month remains at Euro171.14 (cash Euro161.61 and equity Euro207). On a positive note, 44% of customers said that they do intend to increase their contributions before the scheme ends.

The research also revealed what was top of the shopping lists for those who intend to spend some or all of their savings. Car purchase topped the list at 23%, closely followed by home improvements at 21% and holidays at 19%.

Brian Forrester added: "Our research shows how successful the SSIA scheme was, with 79% of customers saying that they are more likely to save in the future. 76% said that they will continue to save and 70% indicated that their pension was their most important savings priority.

"With 86% of SSIA customers stating that they would continue to save if incentivised there is a clear call to action for the Government to not lose the benefits gained by the scheme. We suggest that the government should look to eliminate, reduce or defer the exit tax if it is transferred to a pension fund or if the savings are maintained for a further three years. Our research has proven the success of financial bonuses over traditional tax incentives for long-term savings", Brian Forrester concluded.