Financial services group, Barclays Private Clients, is launching the fifth edition of its High Interest Index Linked Deposit Account (HI-ILDA 5), in the Middle East. The cash element will be invested from May 12, 2003 to May 12, 2004 and the stock market element will be invested from May 12, 2003 to May 12, 2008.
The March 3 launch of HI-ILDA 5, which offers a combination of high interest and capital growth without risk to the initial capital invested, will give US dollar and sterling investors different options.
HI-ILDA 5 for sterling investors consists of two sections - 50 percent will be invested in a high interest cash deposit account for 12 months, which guarantees a fixed return of seven per cent gross/Annual Equivalent Rate (AER) over the term. The interest will be paid at the end of the 12-month investment term.
The remaining 50 percent will be invested for five years in an index-linked account which tracks the FTSE 100 and offers 60 percent of any uplift in the index. There is no risk to the initial investment capital.
Meanwhile, HI-ILDA 5 for US dollar investors consists of two parts - 40 percent will be invested in a high interest cash deposit account for 12 months, which guarantees a fixed return of five percent gross AER over the term. The interest will be paid at the end of the 12-month investment term.
The remaining 60 percent will be invested for five years in an index-linked account which tracks the Standard & Poors 500 and offers 50 percent of any uplift in the index. There is no risk to the initial investment capital.
Although customers can access the cash element of the investment at any time, the stock market investment has to remain invested for the full five-year term. International clients, whether new or existing Barclays customers, can invest a minimum of £10,000 or $15,000 up to a maximum of £1million or $1.5 million.
Customers who invest between March 3, 2003 and April 25, 2003 will receive interest at a rate one tier above the level they would normally receive on an equivalent amount placed in a Barclays one month Fixed Rate Savings Account. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
