Anyone trying to get some funds together to buy their first house might be interested in a new account offered by the Irish Permanent. The Head Start savings account offers a rate of interest of 3 per cent per annum which is higher than most other options for relatively small savings. It also offers savers a 0.5 of a percentage point discount on any variable or fixed rate mortgage they take out for the first year.

First-time buyers with this type of account will also qualify to receive 12 months free payment protection, 12 months free home insurance and a year's free current account banking when they take out their mortgage with the Irish Permanent.

To open a Head Start savings account, customers must commit to make 10 monthly contributions to the account of £200 (#254) or more over one year. They can also make one lump sum lodgement. There are no penalties if the customer closes this account or takes out a mortgage elsewhere, according to the Irish Permanent. The maximum amount that can be saved in this particular product is £20,000.