Bank of Ireland launches range of product options for SSIA funds

BANK OF IRELAND, which launched its new product options for SSIA funds yesterday, has announced that it will continue the government bonus of 25% for six months on continued regular savings into its Bank of Ireland Special Bonus Investment Plan equity investment option.

BoI holds a 23% share of the overall SSIA market through 71,000 equity customers and 201,000 deposit SSIA accounts. The estimated maturity value of its customers' SSIAs is €3.5 billion. The bank has also launched a new deposit account The Special Bonus Saver Account which will pay 3.75% on new regular savings.

Research carried out by Bank of Ireland has shown that 80% of SSIA customers intend to continue saving when the scheme matures this year and next, with 60% planning to save for up to two years.