ACC Bank, Canada Life and National Irish Bank (NIB) have announced products for the Government savings scheme, while Quinn Life has announced plans to reduce the charges on its products.
Quinn said it was removing the monthly policy fee of £2 (€2.5) on its special savings product. The only charge on its three equity-based funds will be a 1 per cent administration fee.
Meanwhile, ACC said those availing of its deposit account before September can avail of the prevailing European Central Bank (ECB) rate over the full term of the account. For accounts opened after September 1st, rates will always be within half a percentage point of the ECB rate.
NIB is offering three products, two deposit-based and one equity-based. The five-year fixed-rate deposit account will pay a rate of 4 per cent gross per annum, while the interest rate on the variable rate account is guaranteed not to fall more than one percentage point below the ECB rate over the five-year term.
Canada Life has introduced its Futurity Special Savings Plan, offering investors access to a choice of 10 funds, including a with-profit fund.
The funds, which are managed by Setanta Asset Management, have no entry charge for contributions of £100 per month or more but will levy a 3 per cent entry charge for investments below that amount. Management charges will be 1.75 per cent per annum with a monthly policy fee of £1.50.
