First Active, Irish Nationwide and Aberdeen Asset Management have announced details of their products under the new Government savings incentive scheme.

First Active's variable deposit account will offer a rate of 4.5 per cent until June 30th. Thereafter, First Active guarantees the rate will never be more than half a percentage point below the European Central Bank (ECB) base rate. Irish Nationwide has introduced three deposit options - one variable and two fixed. The variable account offers the same terms as First Active, although its 4.5 per cent starting rate is guaranteed until the end of July and from then on it will be within 0.5 per cent of the ECB rate for the rest of the five-year savings term.

Its annual fixed-rate account will offer an initial 4.75 per cent on accounts opened before the end of June, with a minimum monthly contribution of £40 (#51). A separate five-year fixed-rate account will offer 4.5 per cent to investors until June 30th, but the minimum monthly investment will be £100.

First Active's second savings scheme option is an equity-based regular savings personal investment plan (PIP), managed by Friends First. It will feature a 2 per cent annual management fee and a £1.50 monthly policy fee. Aberdeen Asset Management is offering savers access to five of its existing funds, ranging from a low-risk cash equivalent fund to funds aiming for longterm capital growth. The minimum monthly savings with Aberdeen will be £40 and there will be a monthly charge of 3.5 per cent of the amount saved. Annual management fees range from 0.75 per cent to 1.75 per cent. Aberdeen will allow savers to switch between funds without incurring a cost. It will start its scheme from July 1st, although the Government scheme runs from May 1st.