More than a third of Special Savings Incentive Account (SSIA) holders have been contacted by their bank or building society about what to do when their account expires, new research shows.

The study, commissioned by the Irish Financial Services Regulatory Authority, also showed that one in five account holders had been contacted by another financial institution regarding investment options.

Consumer director Mary O'Dea said that while it was good news that banks were competing for the business, people with SSIAs should be careful not to rush into decisions about their investment. "The first accounts will not mature until May 2006, so you have plenty of time to make a decision," she said. "Remember, it is your money, so try not to be rushed into making a commitment because of tempting offers of advertising."

She urged consumers to consider all options, in particular the possibility of using their savings to reduce debts.

The SSIA scheme was introduced in 2001, and the accounts will mature between May 2006 and May 2007. Many groups have started lobbying the Government to provide additional schemes aimed at encouraging consumers not to blow all of their savings at once and to make the most of the culture of saving the system has created.

Earlier this month the Irish Insurance Federation called on the Government to waive the exit tax on SSIA interest and investment gains if the saver puts at least half of their money into a pension.

A recent study showed that consumers who took out an equity-based SSIA towards the end of the scheme would get the best return on their investment.