Only available to matured investments from Plus 17% Deposit Account and as with the original investment a limited offer of Bank Deposit Account held at Dunbar Bank (Sackville Street, London) but serviced in Swindon.
Single premium to provide growth after 5 years and maturity is on 12 October 2006. Again as with the original investment this could be written on Single Life or Joint Lives second death basis.
The original investment will be repaid at the maturity. The client can earn up to 13% interest, gross, each year.
Dunbar Bank will take the levels of the FTSE 100 at the start and end of each quarter. Any percentage falls in each of the four quarters will result in an equivalent reduction in the 13% interest rate. For example, if the FTSE 100 rose by 1.5% in quarter 1, rose by another, 1.0% in quarter 2, then fell by 1.5% in quarter 3 before rising again by 2.5% in quarter 4, the client would earn 10.5% gross interest in that year. The 11.5% being the 13% less the 1.5% fall in quarter 3. Therefore, if the FTSE 100 does not fall in any quarter of the 5 year period, the interest earned will be 65% of the original investment.
- Death Benefit - Original investment plus discounted locked-in growth or the plan can be continued until maturity.
- Charges are taken into account in setting the 13% interest. There are no further charges.
- No surrenders or withdrawals may be taken prior to the maturity date.
- Taxation - Savings Tax will be deducted at maturity. Higher Rate tax payers may have a further liability to tax at the end of the term. Non taxpayers will be able to reclaim the tax deducted or receive gross proceeds.
- Trusts - Can be written in Trust.