Fixed-rate deposit Special Savings Incentive Accounts (SSIAs) continue to be a better long-term bet than their equity-based equivalents, despite last year's stock-market surge, a new analysis has concluded.

Actuarial firm Life Strategies has worked out that the typical equity-based SSIA is now worth more than the total of the personal and Government contributions that have been invested.

This marks a turnaround on the same point a year ago, when most equity accounts were in deficit by about 10 per cent.

The study recognises, however, that the average fixed-deposit SSIA is currently worth almost the same as the typical equity account.

Life Strategies points out that the estimated maturity level of fixed accounts is still the highest when the effect of charges on equity-based SSIAs is considered. The calculation is based on a sample fixed rate of 4.25 per cent.

It also warns that continued upward progress in equity returns is far from certain.

Variable deposit accounts are likely to be in third place in value terms when the SSIA scheme finishes in 2007, according to Life Strategies.

The firm estimates that a consumer depositing the average contribution of €158 per month into a variable account from April, 2002, will be able to draw down €12,254 at the end of the scheme in 2007. This compares to €12,807 for an equity account and €12,886 for a fixed-deposit account.

The variable account forecasts are based on a current sample interest rate of 1.5 per cent, while the equity forecasts assume a growth rate of 6 per cent per annum.