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Birmingham Midshires fixes FTSE 100 Isa

Birmingham Midshires has brought in the guaranteed investment mini cash Isa.

The Isa is aimed at new Isa savers as well as people who have a tax exempt small savings account (Tessa) that is about to mature and who are looking about to find a new area in which to invest. New investors can invest up to £3,000, but Tessa owners can invest up to £9,000.

Birmingham Midshires has designed the Isa so that it tracks the FTSE 100 index over the five-year investment period. After the investment period is up the investor will be able to take up to 100 per cent of any growth in the index over this time.

In the event that the FTSE 100 fails to rise, then the investor will get 100 per cent of their original investment back. Investors cannot make any withdrawals from the Isa until its maturity date, which is set at April 4, 2006.

The capital protected Isa market is a steadily growing one, and the Birmingham Midshires product is extremely competitive, especially as some of the other products on the market, such as the Bristol & West Tessa Isa and the M&G protected Isa, only allow up to 80 per cent of the growth in the indices that they are tied to.

The FTSE 100 index rose from a level of 3,662 on January 15, 1996 to 6,170 on January 15, 2001.

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