New investment plan issued by Abbey

Tue, 14 Mar 2006

The third issue of Abbey's guaranteed growth plan (GGP) has been launched this week.

Available as an Isa , the plan requires an investment of five and a half years.

After this period, savings account holders will get their original investment back, as well as at least 20 per cent guaranteed return on their deposit.

Maximum return is 44 per cent on the original investment, while there is also potential for added growth after the savings term.

Performance is linked to growth on the FTSE 100 Index, which the bank's head of investments marketing, Pak Chan, believes could offer potentially good returns.

"Given the uncertainty of the stockmarket over recent years, it's understandable that people are sometimes put off by fear of losing their hard-earned savings," he comments.

But Mr Chan says this means that "too many" people are missing out on the benefits.

"The Abbey guaranteed growth plan, unlike some other guaranteed capital plans and guaranteed equity bonds on the market, aims to take away this fear by guaranteeing to protect people's initial investment and also give them a guaranteed minimum return if held to maturity."

He says previous GGPs were "highly popular" and the bank believes the plan will appeal to those looking for security and growth.

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