The Financial Regulator today warned consumers to make sure they are well informed before taking decisions on what to do with their SSIA money.
Research carried out by the Financial Regulator showed one in three people plan to reinvest their money, but the watchdog expressed concern that some may commit to investments they do not fully understand.
To help consumers decide what to do with their money, the Financial Regulator has published Your Little Black Book of SSIAs, which gives free, independent, practical information for account-holders.
Consumer Director Mary O'Dea said people needed to give serious thought to what they're going to do with their money before accounts mature from the end of May.
"The most important thing to remember is to take your time and weigh up all your options. If you don't actively consider all of your options you are effectively letting someone else make the decision for you," she said.
"SSIAs gave a very good return because of the 25 per cent government bonus. However, this bonus for savings is now gone and people need to be fully aware that investments with higher returns are usually more risky."
"If you have debts, it makes good financial sense to tackle your most expensive debts first such as credit card bills or personal loans as you will save more money on interest," Ms O'Dea said.
But only one in 10 people surveyed by the Financial Regulator planned to pay off their debts using their SSIA.
"Paying money off your mortgage could help reduce your monthly repayments or shorten the length of your mortgage. This will give you more flexibility and peace of mind if interest rates were to rise or if your circumstances changed," she added.