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The Guaranteed Capital Plus Plan, which is the latest in its range of guaranteed investment products, is available for three and a half or six years.

It offers either an 18 per cent return if the FTSE 100 has increased over three and a half years, even by one point, or a guaranteed minimum return of two per cent if the FTSE 100 has decreased or stayed the same over the period.

It also offers a 40 per cent return if the FTSE 100 has increased by one point over six years or a guaranteed minimum return of two per cent if the FTSE 100 has decreased or stayed the same over the period.

The Guaranteed Capital Plus Plan is tax efficient as returns can be free of income and capital gains tax (the annual CGT allowance is currently £9,600) and can be put into an ISA.

The plan is available from 7 May until 24 June 2008, or earlier if sold out. The minimum investment is £1,500.

Reza Attar-Zadeh, head of savings and investments at Abbey, said: "Given the volatility of the stock market, investors may be cautious.

"Abbey’s Capital Plus Plan gives investors an exposure to the superior returns available from linking to equity markets without putting their capital at risk.

"The product is tax efficient and ensures a guaranteed minimum return, regardless of the stock market performance."

(See previous Abbey article.)