The EBS has announced details of its options for the new Government-sponsored Special Savings Incentive Scheme. The initial deposit rate is guaranteed at a minimum of 4.25 per cent until July 31st, 2001. The minimum monthly contribution for the deposit account will be £10 and the special savings managed funds account will be £40.

There will be no entry or exit costs, no policy fee and no administration fee on the managed fund options. The management charge will be 1.5 per cent. Customers will be free to switch between the various deposit and managed fund options at no cost.