The Financial Regulator is urging people who save their SSIA money to look closely at the conditions of high interest deposit accounts.
Irish consumers have €70 billion on deposit with banks and building societies.
Consumer Director at the Financial Regulator Mary O'Dea says any breach of terms and conditions can substantially reduce the interest people can earn.
She said headline-grabbing rates might look like a 'great deal' but consumers should ask whether it should be paid on all or part of their savings and that people should also check the terms and conditions for withdrawals.
Online or phone based accounts often give the best interest rates, she says.
