The first 41,105 Special Savings Incentive Accounts (SSIA) matured yesterday, releasing an estimated €567 million into the economy.
Those receiving their money were the first to avail of the scheme put in place by former minister for finance Charlie McCreevy in 2001 as part of his efforts to increase savings ratios in the Republic.
SSIA account holders were offered a State bonus of €1 for every €4 invested monthly, up to a maximum of €254 a month.
The average account holder will receive €13,800, according to Goodbody Stockbrokers. Between now and the end of April next, a total of 1.1 million accounts worth €15 billion are due to mature at the end of the five-year saving period.
In banks around the State yesterday, there was little activity that suggested people were rushing to enquire about the immediate withdrawal of their savings.
"There was no panic reaction," said Niall O'Grady, head of marketing at Permanent TSB.
"Customers have been thinking about what they're going to do with this money for months."
He added that the people who invested in the first SSIA offer were considered financially astute and therefore more likely to re-invest.
According to some of the main banks, the majority of SSIA account holders had been in for consultations to discuss the various options available.
"Overnight, the SSIA money has moved into an instant access account. People then have their funds immediately... We don't really know what is going to happen," said AIB's Hugh O'Keefe.
Patterns suggest people will continue to save in some manner while spending a lump sum on a personal purchase. "People will take a lump sum to spend because they feel, 'I've earned that'," Mr O'Keefe added.
Ulster Bank said yesterday that its SSIA customers were split broadly into three groups, with one-third planning to reinvest, one-third spending the money and the final one-third unsure what to do.
