Hibernian is the latest company to respond to the Government's new savings initiative with the introduction of a special product, Spectrum Special Saver.
The product is the first on the market without entry charges and offers savers the option of investing in the full range of funds managed by Hibernian Investment Managers from cash to Latin American equities.
However, a policy fee of £1.18 (€1.50) will be charged each month while there will be an annual management charge of 2 per cent.
The investment thresholds are the same as those set by the Government for the overall scheme - investors must save a minimum of £10 per month with a maximum investment of £200 per month allowed.
Hibernian says savers also have the option of switching from one fund to another, once a year for free.
Other financial service providers to have launched products include Friends First, New Ireland and Irish Life. However, all have initial entry charges depending on the amount saved, reducing the eventual return to investors.
The scheme comes into effect on May 1st and is open to residents in the Republic aged over 18 years. Savers have until April 20th, 2002 to open an account.
