With the special savings account gone, it's back to the future for hardy investor annuals like the PIP, savings schemes, deposit accounts and prize bonds

Finally, the SSIA is dead, and, mercifully, its accompanying hype and publicity have also fallen into a deep slumber. For a while there, putting away a small amount of cash every month for five years was one of the sexiest discussion topics out there.

Equity or deposit? Bank or building society? Small amount or maximum allowed? As well as a gap in the merry-go-round of adult small talk, however, the departure of the SSIA has also left a gaping hole in another key area: the options open to modest savers who want to put their money away in instalments, but refuse to pay through the nose for the pleasure of doing so.

Every day, a new batch of potential savers appears on the Republic's market, a fact that has never escaped the notice of any Irish financial product provider worth its salt.

Consider, for example, the young worker who turned 18 last week, just days after the SSIA deadline closed, or the saver who has a €500 savings budget every month but could only, under law, allocate half of that to the Government scheme. Where to for this unlucky band who have, in one sense or another, missed the SSIA boat?

Once they recover from the realisation that they have missed out on what could turn out to be the best savings vehicle to ever feature in the Irish savings market, their thoughts will turn to the range of models that pre-dated the SSIA and, as testament to their staying power, look like outliving it too.

Take the humble personal investment plan, for example. The unfortunately-named PIP has been taking a back seat for the last two years or so, unable to compete with the much more alluring SSIA.

Now that the coast is clear once more, however, perhaps it is time to step out of the shadows.

"The PIP is a means by which customers would access stock markets through a managed fund," says AIB's marketing manager for savings and investments, Mr Hugh O'Keeffe.

"It offers geographic diversification as well as asset allocation so, for the small saver, it means accessing quite a wide portfolio of assets."

PIPs are offered by several institutions and will, for that reason, be slightly different, depending on where you go. As a general rule, however, they involve saving a minimum of about €60 or €70 per month, with that money then being invested on their behalf in a fund containing a mixture of equities, bonds, cash and property.

These products tend to be attractive in their flexibility, in that contributions can be increased or decreased according to the saver's desire at the time, and lump sums can be added or withdrawn under certain conditions.

PIPs are open-ended by nature, so savers can leave their money in for as long or as short a period as they wish. In general, though, providers recommend that they are allowed to run for at least eight or 10 years.

Withdrawal in the early years could, in theory at least, lead to losses, since the portfolio will not have had sufficient time to mature.

As far as additional cost is concerned, an annual management fee in the region of 1.5 per cent generally apply to a PIP and, as with all such vehicles, the value of investments can fall as well as rise in line with the wider market.

If you are, on the other hand, the type that fancies something guaranteed to leave your hard-earned (but still modest) cash open to no risk whatsoever, then it is hard to look past the hybrid deposit account - a product that follows the pattern of a more traditional savings account but contains a few bells and whistles in return for a few restrictions.

Ulster Bank's RSVP account (transactions are conducted by post), for example, currently applies a 3.25 per cent gross interest rate to deposits of €5,000 - not a bad return in an environment where typical "plain vanilla" deposit rates are languishing below the 1 per cent mark. The relatively high amount involved will not appeal to everyone, however, so other options should also be considered.

British bank, Northern Rock, has managed to create a niche in the Irish market through its Direct Saver deposit accounts, products that are also administered by correspondence rather than contact with a branch.

If you have €1,000 or more to save as an initial deposit, and are prepared to give 30 days' notice for any withdrawals, Northern Rock can offer a gross rate of 4 per cent - and you won't even have to step out of your front door.

Other hybrid models that suit smaller savers include AIB's Personal Savings Plan, an account that offers a rate of 2.25 per cent (variable) to customers who save as little as €20 per month, and will include a percentage of that as a "loyalty bonus" according to how long the savings have been left on deposit.

A five-year deposit, for example, will attract a bonus of 50 per cent of the interest earned. "It probably suits the individual who has a slightly shorter time frame in mind than would apply to an equity-based product," says Mr O'Keeffe.

An Post, meanwhile, operates an account that has been specifically designed for regular, small savers who want to commit to a product for a number of years.

The Instalment Savings Scheme allows for a minimum monthly instalment of €25 and a maximum of €500, and applies a guaranteed cumulative return of 15 per cent after five years, or an annual compound rate of 2.57 per cent. Withdrawal restrictions apply.

Another popular, and well-worn, instalment model comes from the credit union network, with most citizens guaranteed to find an outlet near their home.

The idea here is that any saver aged over 16 who is prepared to hand over the (maximum) €1 entrance fee can join with a group of others so that they can save and borrow with security.

Regular savings are the rock upon which credit unions are based.

All credit unions vary, and all are free to apply their own rates of interest to savings or borrowings, with factors such as membership size and available funds contributing to this decision-making process.

This is a model that sits entirely outside the traditional banking system and thus presents an appeal independent of interest rates.

Back at the local Post Office, meanwhile, you could also consider that old reliable among savings options: the State-guaranteed prize bond.

While no rate of return applies as such, there is always the chance that your minimum €25 investment could turn into a tax-free prize of €150,000, one of which is up for grabs every month.

Flexibility comes in the ability to cash in your bonds at any time, provided you have held them for a minimum of three months. Their face value will be handed over within seven days, no questions asked.

At the limit, it's at least more appealing than the Lotto.