Cater Allen, part of Santander Private Banking, has launched its Selected UK Banking Plan - Issue 2, which offers growth potential linked to the performance of Barclays, HSBC, Lloyds and RBS stocks, but with 100 per cent capital protection at maturity after a maximum six years.

It can be held in both an individual savings account ( ISA) and a self-invested personal pension (SIPP).

The plan offers full participation in any increase in the value of the basket of four shares of Barclays, HSBC, Lloyds and RBS. The plan also provides the possibility for early maturity in years one to four with growth of 11, 22, 33 and 44 per cent respectively, plus initial capital.

The plan has a minimum investment level of £7,200 ($12,500) and is issued by Abbey National Treasury Services, a wholly-owned subsidiary of Abbey National, itself owned by Santander.