Cater Allen Private Bank, part of Santander UK, has launched the Cater Allen Growth Plan 14 - a deposit-based product which offers full protection upon maturity.

Specifically, the product offers investors a stock market-linked, uncapped return on their original investment, equivalent to 120 per cent of any rise in the FTSE 100 Index at the maturity of the six-year plan, the firm said in a statement.

“The Growth Plan 14 will appeal to investors looking for wealth preservation as well as access to potential market upside. As there is no cap on this structured deposit, this also means unlimited potential returns in line with FTSE 100 Index growth,” said Peter Beavis, sales director.

The plan requires a minimum deposit of £5,640 (about $8,850) and is suitable for 2012/13 cash ISAs and ISA transfers. Moreover, it can also be used within an offshore bond wrapper, SIPP or SSAS for additional tax efficient benefits.  

“Early bird” interest is included in the plan at a fixed rate of 0.50 per cent annual equivalent rate.