People wanting to open one of the Government-backed Special Savings Accounts have until the close of business tomorrow to do so. It is estimated that more than 1m people will have availed of the offer, at a cost to the Exchequer of over €1bn.
Under the Special Savings Investment Accounts scheme, the Government will give you €1 for every €4 you save. Savers have to sign up for five years and institutions are offering straight deposits as well as equity-linked accounts.
Industry estimates suggest that 40% of all SSIA's were opened during April. With deposits averaging €160 a month, SSIA's could build a total nestegg across the market totalling billions which could create a very big spending spree in May 2007.
