First Active has upped the guarantee on its Government savings scheme deposit account. From the beginning of this week, First Active guarantees that the interest rate on the account will match the European Central Bank (ECB) base rate for the five year duration of the account.

Previously, the institution had guaranteed that the rate would never be more than 0.5 per cent below the ECB rate. The rate is effective from Monday for new and existing customers. The minimum monthly subscription for the deposit account is £50 (€63.50).