Two more banks have announced new savings products in advance of the maturity date for the first SSIA accounts.
AIB and Anglo Irish Bank have both launched regular savings accounts, starting with interest rates of 5% and 4.5% respectively.
AIB says its rate will apply until January 1 2008 and will then revert to the ECB rate until January 1 2009. The account will accept monthly contributions of €10 to €300 and is open to all savers.
Anglo Irish says its account allows customers to save from €100 to €1,000 a month, with no penalties for missing monthly contributions over the two-year term of the account. It says savers can vary the amount of their monthly contribution.
The account is a new departure for the bank, which has usually offers notice accounts for lump sum savings.
Meanwhile, AIB will automatically transfer its deposit SSIAs into an instant access account paying a variable rate of 3.25% for three months after maturity. It is also offering an equity-based savings incentive plan with a bonus of 25% of a full year's contribution, but savers must initially invest a lump sum and commit to minimum contributions of €150 a month for five years.
