Friends First this week launched the first savings plan in response to the Government savings initiative announced in the Finance Bill. The product, SaverFirst, is the first savings product of its kind on the market and has been specifically designed to cater for savers who wish to participate in the Government scheme.
The scheme begins on May 1st and allows Irish residents to save up to £200 per month for five years. The exchequer will contribute £1 for every £4 saved by individual savers.
The SaverFirst proposition is a unit-linked special savings scheme. A with-profit option will follow at the end of the month. SaverFirst offers a range of fund options, including Irish equity, managed, international equity, fixed interest and cash.
Friends First sees the unit-linked approach as the best way of maximising the benefits of the new scheme. SaverFirst will be offered through Friends First's network of brokers.
Almost every financial institution will be offering the special incentive savings schemes, and many more products will be announced between now and May 1st.
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