Not a day goes by without the introduction of a new secure investment vehicle. The Ulster Bank Protected Capital Bond is the latest variation on the theme. It's a managed fund with unlimited capital growth potential and, on the fifth anniversary of the bond, 100 per cent of the original investment is fully secure, irrespective of the value of the underlying investments.

The bond invests in a broad range of international shares, fixed-interest securities and cash. At all times, the fund will hold a minimum of 40 per cent and a maximum of 50 per cent in equities. The remainder will be held in fixed-interest securities and cash.

The minimum investment is £5,000 (€6,350). The fund is priced each business day - investors can invest and withdraw funds on any business day. Early encashments are subject to an exit fee of 5 per cent in the first year falling to 1 per cent in year 5. Total charges are 2 per cent per annum - this includes the cost of fund management and administration charges, together with the cost of providing the capital protection.