Savers are moving their money between providers to find a safe home for their money.
Anecdotal evidence suggests that people are shifting their cash to savings providers that they consider to be strong or that are backed with Government guarantees.
Savers are flocking to banks such as Lloyds TSB and Abbey, which is owned by Spanish giant Santander, as well as to the Treasury-backed National Savings & Investments.
The Irish Government's pledge yesterday that it would guarantee all money saved with an Irish institution for two years is also thought to be causing a flow of money to Irish banks.
A Bank of Ireland spokeswoman said anecdotal evidence suggested that British savers were moving cash to the bank to take advantage of the guarantee.
She said the bank was seeing a "very, very steady" increase in people contacting its call centres from Northern Ireland, and it is thought the pattern is the same across Great Britain.
The move by the Irish Government comes just over a week after it increased the guarantee limit for savers from 20,000 euro (£15,900) to 100,000 euro (£74,500).
Savings products at the Post Office are backed by the Bank of Ireland, meaning that savers will benefit from the Irish Government's guarantee.
A Post Office spokeswoman said: "Since last week when the government first changed the amount that was protected, we have seen an increase (in savings customers)."
National Savings & Investments, which is backed by a UK Government guarantee, has also seen an increase in interest.
A spokeswoman said: "We have seen a higher volume of calls than usual to the call centre.
"But it is too early for us to say if the number of calls will have had an effect on sales."
The strength of Abbey and its parent Santander was flagged up this week, after the Spanish bank acquired the savings assets of Bradford & Bingley.
Anthony Frost, of Abbey, said: "We have seen an increase in savings inflows because people see Abbey, because of Santander Group, as a safe haven."
Lloyds TSB also told Channel 4 news: "Recently, we have seen a significant increase in deposits and in the last week alone, double the average numbers of term deposit accounts have been opened."
But consumers were reminded that the first £35,000 they have saved with each banking group is protected by the Financial Services Compensation Scheme, in the unlikely event that a UK bank failed.
The Government plans to increase that limit to £50,000, but even at the lower level, the Financial Services Compensation Scheme would cover 97% of savers' money.
Michelle Slade, of financial information group Moneyfacts.co.uk, said: "The first thing that consumers should look at is the rate that they are getting. It is very unlikely that a bank would be allowed to fail."
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article