Cater Allen Private Bank, part of Santander UK, has launched a deposit-based product which offers up to four times any rise in the FTSE 100 index at the maturity of the six-year term, capped at 40 per cent.

The Cater Allen Enhanced Growth Plan 10 features monthly averaging over the final year to help protect against market volatility.

The plan also offers 100 per cent capital protection, providing the plan is kept to maturity, with the investor’s deposit returned in full at the end of the fixed term even if the index has fallen.