SSIA 2.0: What would a new SSIA-like savings scheme look like and how would it work?

"A new SSIA-style savings incentive has been suggested as an alternative to low-return deposit accounts. Economists and financial advisers outline how it might work. In the spring of 2007, Ireland was awash with optimism and cash as the first wave of Special Savings Incentive Accounts (SSIAs) matured. Suddenly, more than a million people found themselves in possession of windfalls, a welcome boost towards kitchen extensions, new cars, and long-promised holidays."

"A new SSIA-style savings incentive has been suggested as an alternative to low-return deposit accounts. Economists and financial advisers outline how it might work. In the spring of 2007, Ireland was awash with optimism and cash as the first wave of Special Savings Incentive Accounts (SSIAs) matured. Suddenly, more than a million people found themselves in possession of windfalls, a welcome boost towards kitchen extensions, new cars, and long-promised holidays. Join the Irish Independent WhatsApp channel Stay up to date with all the latest news"

A new SSIA-style savings incentive has been proposed as an alternative to low-return deposit accounts. Economists and financial advisers explain possible design features such as matched contributions, tax incentives, or time-limited bonus rates to raise effective returns for savers. The original 2007 SSIA wave delivered lump-sum windfalls to over a million people, funding kitchen extensions, car purchases and holidays. A revived scheme could encourage disciplined saving while stimulating domestic demand. Design choices will shape fiscal cost, distributional impact and take-up. Successful implementation would require coordination among policymakers, banks and advisers and clear consumer protections.

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