Abbey National Offshore launches new product designed to reap benefits of FTSE growth over three yea

The new product - Offshore 12 Plus - gives customers the option of either receiving a fixed return of 12% on capital growth (AER 3.85%) upon maturity, or 50% of the increased in the FTSE 100 over the three years - whichever is highest over the term of the deposit.

"This means that over the term, if the FTSE 100 rises in value by more than 24%, the account holder will receive a higher interest rate than the guaranteed level," said David Siddall, Director, Retail Banking, Abbey National Offshore.

Offshore 12 Plus is a strictly limited offer, which closes on December 7, 2001, or earlier if it is fully subscribed. It requires a minimum deposit of only L5,000 with maximum deposits of L1 million.

"We expect this to prove extremely popular with our existing and new customers due to the guaranteed return on their investment," said Mike Brighton, General Manager, Dubai Representative Office, Abbey National Offshore.

"Offshore 12 Plus offers a comparable rate of interest to our standard Sterling Call and Notice accounts with the added possibility of an increased return, should the UK stock market recover from its present level over the next three years, but without the risk associated with direct equity investment. Customers also have the added benefit of knowing that their deposit is guaranteed by Abbey National Plc., the UK's fifth largest high street bank."

Abbey National Offshore has developed a range of accounts tailored to the particular needs of offshore customers, combining high rates of interest with the advantage of an offshore base. Headquartered in Jersey, which is widely recognised as one of the world's best regulated offshore centres, Abbey National Offshore also has offices in the Isle of Man, Gibraltar, Portugal and Hong Kong.