HALIFAX International has launched its third guaranteed savings bond. The product is aimed at customers who want returns based on stock market performance without any risk to capital. It is available until September 26. Its main features are:

* Returns which reflect 90 per cent of any growth in the FTSE 100 Index over the five-year term.

* Total security for investors' capital against falls in the Index.

* Protection against last-minute falls in the Index.

* Minimum investment of £5,000 and five-year investment term (from Sept 28, 2001 - Sept 28, 2006).

* 5.5 per cent gross interest will be received on funds invested between August 1 - Sept 27, 2001.

Investment returns on the new bond mean that customers will receive their initial investment, plus 90 per cent of the increase in the FTSE 100 Index during the five-year period.

To protect savers from a late dip in the stock market, the closing index figure used for the final calculation will take the average level of the Index over the 12-month period prior to the bond's maturity date.