Special Savings Incentive Accounts (SSIAs)
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Special Savings Incentive Accounts (SSIAs)
Special Savings Incentive Accounts (SSIAs) are a five-year savings scheme in which the Government tops-up, by way of a tax credit, subscriptions made by an individual to his or her SSIA, which will commence maturing on the 31st of May 2006.The basic proposition requires you lodge € 5 each month to your SSIA with your financial institution; you are entitled to receive €1 each month by way of a tax credit from the Government.
The maximum lodgement that could be made every month is € 254.
Your financial institution claims this credit on your behalf and lodges it to your SSIA each month. The funds lodged in the SSIA are held on deposit or invested in other investment products such as a life assurance investment policy.
SSIAs, which were available between 1 May 2001 and 30 April 2002, will mature during the period 31 May 2006 to 30 April 2007.
The maximum amount that an individual can lodge to an account in any one month is €254 (£200), and the Exchequer’s contribution to the account will be € 63.50 for each € 254 lodged. The minimum amount which must be saved by an individual in any one month, in the first year of an account, will be € 12.70 (£ 10). After the first year an individual may save any amount in a month up to € 254 (£ 200) over the remaining 4 year period.
Special saving incentive accounts are managed, on behalf of individual savers, by a range of bodies such as banks, building societies, credit unions, life assurance companies and fund managers. Exchequer contributions to each account are sent directly to the account manager and added to the savings in the account. The Government does not operate or guarantee the account or the return under them - this is a matter between the individual and their account manager. It is a matter for each individual to assess any level of risk they wish to undertake
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