Strong markets push equity SSIAs ahead

A new report on special savings accounts (SSIAs) suggests that the fina value of the scheme will be more than €16bn, with the Government recouping €400m through the 23% exit tax on interest earned on the accounts.

The report, from actuarial consultants Life Strategies, also says that equity-based accounts will produce the highest returns, and have moved further ahead of fixed and variable rate deposit accounts over the last six months.

Life Strategies says that while all account holders have benefited from returns of 10.5% to 14.4% a year, those who waited until the end of the scheme to open accounts will fare slightly better.

An analysis finds that those who opted for equity-based SSIAs will receive the highest returns, helped by the excellent growth in stock markets over the past six months.