More evidence that Special Savings Incentive Account (SSIA) holders are shunning spending sprees in favour of cautious saving emerged yesterday, as Ulster Bank said four out of five SSIA customers whose accounts have matured have left their funds intact.

The bank said 44 per cent of the customers it surveyed intended to save the same amount every month after their SSIA matures, indicating that saving habits will not die once the final and largest batch of SSIAs mature on April 30th.

Patrick Farrell, head of product marketing with Ulster Bank, said that while maturing SSIAs might lead to a rise in one-off purchases such as holidays and cars, a high proportion of customers had not decided what they were going to do with their funds and would leave their money in savings accounts. Mr Farrell said it was clear that at least a third of SSIA holders are comfortable with saving the €254 maximum monthly contribution permitted under the SSIA scheme and that many would continue to do so.

The bank's findings reflect a recent study by IIB Bank and the Economic Social and Research Institute, which conducted a survey of more than a thousand consumers in January.

It found that consumers were holding off on spending their SSIAs amid concerns about the outlook for the economy.

SSIA spending plans have become more cautious over the past year, with only 4 per cent of SSIA holders saying that they would spend some or all of their money on buying an Irish property, down from 8 per cent in the same survey last year.

More than 500,000 SSIAs are due to mature at the end of the month.