There’s a lot of public interest in the new government savings and investment account

ALMOST FOUR IN five adults have expressed interest in the new government savings and investment account (SIA), new research says.

Plans for the scheme are expected to be ironed out in the forthcoming Budget and it is set to come into effect next year. 

The SIA is spearheaded by Tánaiste and Finance Minister Simon Harris, who has said that he intends to offer savers another option for a high-yield savings account that sees a reduction in tax applied to gains.

Deemed disposal has been identified as one of the main barriers to Irish investors. Affordability and risk aversion were flagged in the research today.

Research published today by the Banking and Payments Federation Ireland (BPFI) said 79% of adults are interested in opening a SIA.

Almost half of adults (48%) are aware of plans for the SIA, although this dropped to 25% in the survey of the younger cohort, aged between 18 and 34.

Most respondents to the survey who expressed interest in an SIA said they intended to fund it either by way of existing savings (30%) or planned savings (30%). Another 17% said they would use money they do not currently save or invest.

Unsurprisingly, the features rated as most important in determining whether respondents would open such an account were ease of opening, tax incentives, and flexible withdrawals.

Investment ownership among Irish adults has increased year-on-year from 41% to 44% in 2026. Many investors state that their motivation behind investments is long-term financial security goals, like retirement, or shorter-term goals like a rainy day fund. 

Funds, stocks and bonds are the most common choice for investments at present, the research found. 

BPFI’s chief executive Brian Hayes said the proposed introduction of an SIA in Ireland is not about replacing traditional savings accounts, but providing a simple and trusted route for consumers to invest part of their savings.

“The projected scale of an Irish SIA is significant, with our analysis indicating that €2 billion to €7 billion could be invested in the first year alone,” he said.

Hayes emphasised the need for simple and clear information surrounding the scheme and appropriate flexibility for the SIA to achieve its full potential.

“We look forward to working with the Minister for Finance, officials and all stakeholders to help deliver a practical, well-governed product that builds trust, supports better long-term outcomes for households and contributes to Ireland’s economic resilience,” he said.