The Consumers' Association has released details from its Kite Mark report - due next week - on financial institutions offering special savings schemes which qualify for the Government's offer of an extra £1 contribution for every £4 saved.
The document reviews all the institutions which have to date offered such schemes.
Kite Mark is a price-based measure only. For those offering deposit based savings schemes the Consumers' Association required that the variable interest rate would at the moment be a minimum of 3.75%, fixed minimum 3.7%, access to the money within seven days, and no account fees.
Savers had to be able to save the minimum of £10 a month with no breakage costs if they had to take their money out of variable schemes.
For equity based products, the standards were a maximum annual charge of 1.5%, no policy fees, no bid offer spreads, or entry charges, and the minimum monthly saving no more than £40.
In the indicative details of those who will meet Kite Mark standards released today, there were products from nine deposit taking institutions and equity based products from just two institutions - EBS and Quinn Life.
* Speaking at a Scottish Provident seminar on the scheme, Finance Minister Charlie McCreevy said he believed he would be successful in achieving his objective of securing a net increase in savings. He also said he hoped the savings habit would encourage individuals to go on saving after the five year period of scheme.
