Government cuts SAYE bonus rates

Approved save-as-you-earn "sharesaver" schemes have had their Treasury determined interest rates lowered for the first time since October last year. The new rates on three, five, and seven-year contracts will be applied as of 1 September. The approved schemes affected allow employees to save money to buy share options in the companies that employ them. Once the three, five or seven-year contract has expired, the employee can cash in the savings or use the money to buy shares at a pre-determined discounted level. The Treasury says the rate changes will not affect ...