From today and for the next year anyone over 18 can open a new special savings account, established under the Finance Bill. The Government will give savers £1 for every £4 they save.
According to a survey conducted recently by the EBS Building Society, almost 60% of all adults - over 1.5 million individuals - will start saving in the scheme generating over £1bn in the first year.
* TSB Bank has launched its three options under the scheme. The bank is offering a variable rate deposit account with an interest rate of 4% per annum. This will not fall below 1% of the ECB rate for the five years.
There is also a fixed rate deposit account with a 4.25% rate a year for the five years.
The third option, SaverScope, offers investment options in a range of shares with different levels of risk.
