Alliance & Leicester today launched a six-year growth and income account, combining a traditional savings approach with a FTSE investment.
Paying 8% gross Annual Equivalent Rate on half the money invested, the other half of the money will receive 50% of the FTSE 100 index growth over the period.
Up to £3,000 a year can be placed in a mini cash ISA and as it is a deposit based account, a money back guarantee promises to pay back the original investment if held for the full six years.
Alliance & Leicester investments senior manager Rachel Curtis says the product is suited for customers keen to invest with added security.
“The account offers customers the chance to take the first step from saving into investments and dip their toes in the stock market, without risking their capital,” she says.
“The account is designed to achieve an inflation beating return for savers by combining the prospect of capital growth on half of the investment with a better rate of income than is likely to be available on standard deposit accounts on the other half.”
Open until 22 November, the Credit Suisse deposited product is offered with a 1% bonus until 1 October.
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