In order to improve the long-term savings rate of its citizens, Levaska' s government has decided to introduce special savings accounts  Citizens can save up to $3, 000 a year in special accounts without having to pay tax on the interest, unless they withdraw money from the account before they reach the age of sixty-five
If they do withdraw any money before that age, they have to pay tax on the accumulated interest and a penalty
In certain circumstances, such as a serious illness, the government plans to waive the penalty on early withdrawals from the special accounts.