Many but not all of the State's 420 credit unions are expected to offer SSIS accounts to members. Since each union is developing its own products members will have to check with their local unions for the terms.

Some unions are offering products with variable and fixed interest rates while others are sticking to the traditional method of rewarding depositors - a combination of bonus and dividend shares decided at year end based on amount saved.

The traditional pay-out from many credit unions has often been ahead of interest rates paid out by other financial institutions.

In the past year many credit union depositors have received returns of between about 3.5% and 5%.

The Waterford Credit Union has announced a 4 per cent per annum fixed rate for accounts opened up to August 31st 2001. Thereafter the rate will not fall below the ECB Rate less 0.75%. Interest will be calculated daily and credited annually.

Three hundred credit unions plan to offer some options although only about half that number have schemes up and running. Figures from a number of credit unions indicated variable rates of about 4 per cent. The fixed rate at one credit union in Cork was 3.5 per cent, below other institutions.

A spokesman for the Irish League of Credit Unions said last week the league was not in a position to promote the scheme centrally. "The difficulty is that credit unions are doing everything on an individual basis," he said.