New Central Bank figures show that Irish consumers continued to save in November as the impact of Covid-19 continued to hit people's chances and willingness to spend.
But today's figures also show the lowest rate of mortgage lending since June 2018.
According to the Central Bank, deposits from households saw record strong growth in November as they reached a net inflow of €706m.
In annual terms, lodgements exceeded withdrawals by €13.4 billion, or 12.2% - the highest annual increase in household deposits seen since the series began.
By the end of November, the outstanding amount of household deposits were the highest on record, standing at €124 billion.
The Central Bank said that overnight deposits, which includes current accounts, were the driver of both the monthly and annual increases in household deposits.
Overnight deposits recorded a net increase of €992m in November and grew by €15.9 billion, or 17.5%, in annual terms.
Today's Central Bank figures also show that net lending to households increased in November, with households drawing down €72m more than was repaid.
The annual growth rate declined in November, to -0.1%, which the Central Bank reflected subdued lending flows in recent months.
It said this contrasts with November 2019, where drawdowns exceeded yearly repayments by €1.9 billion.
Meanwhile, loans for house purchases exceeded repayments by €113m in November.
In annual terms, the Central Bank said the growth rate remained positive, at 0.8%, down from 1.8% the same month a year earlier.
Annual mortgage lending net flows of €606m were the lowest since June 2018, the bank added.