Canada Life International is targeting both UK and offshore investors with the new offshore savings account.
The Isle of Man based bond aims to provide capital growth over the medium to long term by investing in Canada Life International's investment funds and those of five other investment houses.
Investors can use up to five out of the 49 investment funds that are available under the Canada Life International banner and all switches between funds are free.
These include funds from external fund managers such as Mercury Asset Management, Fidelity, Perpetual, Edinburgh Fund Managers, and Greig Middleton. Canada Life and Scottish value management funds are also, as these are owned by Canada Life International's parent company, Canada Life.
The offshore savings account comes into the market at a time when there are numerous similar products all chasing the same investors, and offers nothing new that makes it stand out.
According to Standard & Poor's the Canada Life International Mercury global sterling fund is ranked 12 out of 271 funds, based on £1,000 invested on a bid-to-bid basis with net income reinvested over three years to July 24, 2000.