There are mounting fears banks will start charging customers through negative interest on their savings.
It comes after it emerged Bank of Ireland plans to impose negative interest rates on money it holds as part of pension funds.
The bank will charge pension funds 0.65pc for cash its holds on deposit for the schemes from September.
Figures issued by the Central Bank yesterday show households had €118.3bn in savings in banks and credit unions in June, much of it earning interest that is close to 0pc.
The pandemic has seen consumers up their savings, with the total rising almost €8bn since the end of last year.
There is so much money being saved that the savings ratio is at an 11-year high - the ratio is the amount of savings relative to income.
Experts now fear banks will soon charge consumers for their deposits, reversing the traditional situation where people earn interest from their savings.
Large corporates and credit unions are already charged for depositing funds with banks.
Credit unions are forced under regulatory rules to put spare funds into bank accounts, but they are charged negative interest rates by banks for doing this.
This situation has forced credit unions to restrict the amounts of money they will take on deposit from members as they are getting vastly more in deposits than they can loan out.
Policy director with the Consumers' Association Dermott Jewell said any move by banks to charge households for deposits would be a "slap in the face" for taxpayers who bailed out the banks.
"This really must not happen. It would be a slap in the face for savers if it did," he said.
Mr Jewell called on Finance Minister Paschal Donohoe to bring the banks into Government Buildings and get them to promise not to impose negative interest on deposits.
Daragh Cassidy, of price-comparison site Bonkers.ie, warned: "We could soon be facing a situation where banking customers are explicitly charged for keeping cash with their bank."
Mr Cassidy added: "Already interest rates are at rock bottom on savings accounts.
"The best rate on offer from the main banks is 0.90pc AER (annual percentage rate) from Permanent TSB."
Interest rate cuts mean Bank of Ireland's Demand Deposit account is now at 0.0pc, and EBS's Instant Access Saver pays just 0.01pc.
Ulster Bank chief executive Jane Howard said the bank can't rule out the possibility savers could be charged negative interest rates.
"As we sit here we have no plans to charge retail customers negative interest. It is not something we are doing now, but we can't rule it out in future," Ms Howard said.
On July 1, Ulster Bank began charging negative interest rates on savings over €1m held by business customers, credit unions and other institutional clients, saying the bank is passing on a cost it in turn is charged to keep money with the European Central Bank.
AIB, Bank of Ireland and Permanent TSB said they had no current plans to introduce negative interest rates on consumer deposits.