Ulster Bank has launched a unit-linked investment policy with a capital guarantee. The Protected Capital Bond is a single premium product investing in the actively managed Protected Bond Fund.

On the fifth anniversary of the bond, subject to any encashed units, the value of the investment will be at least 100 per cent of the original investment.

Customers must invest a minimum of £5,000 (€6,348). There is an initial charge of 5 per cent for amounts to £9,999. The fee reduces to 4 per cent for investments of £10,000 and more.

An annual management fee of 1.5 per cent is reflected in the fund price.