One of the most frequent questions Family Money receives comes from readers with windfalls who are unsure what to do with their money in the short term. Typically, their good fortune has come from an inheritance, an insurance settlement or the proceeds of a property sale. Quite sensibly, these people do not want to make any hasty decisions, which they might live to regret. The most common solution - one that is regularly recommended by our investment experts - is to put the cash in an accessible, high-yield savings account and then check out the rest of the market. Canada Life has just launched a product that might suit many people in this position. Called the Guaranteed Celebration Bond (to celebrate the company`s 150th anniversary) it is a fixed-term, one-year investment which pays up to 5 per cent after tax, or a gross return of 6.76 per cent on sums in excess of £50,000. The minimum sum is £5,000.

One of the most frequent questions Family Money receives comes from readers with windfalls who are unsure what to do with their money in the short term. Typically, their good fortune has come from an inheritance, an insurance settlement or the proceeds of a property sale. Quite sensibly, these people do not want to make any hasty decisions, which they might live to regret. The most common solution - one that is regularly recommended by our investment experts - is to put the cash in an accessible, high-yield savings account and then check out the rest of the market. Canada Life has just launched a product that might suit many people in this position. Called the Guaranteed Celebration Bond (to celebrate the company`s 150th anniversary) it is a fixed-term, one-year investment which pays up to 5 per cent after tax, or a gross return of 6.76 per cent on sums in excess of £50,000. The minimum sum is £5,000. For sums between £5,000 and £24,999 the bond pays a net return of 4.5 per cent (6.08 per cent gross); £24,999£49,999 the net return is 4.75 per cent (6.42 per cent gross).

Canada Life does not state when the bond will close, but it expects both individual and institutional interest in the issue, particularly from charities which are tax exempt and which will benefit from the higher gross rate. Early encashments are allowed, but not recommended since you risk losing part of your investment due to the underlying charges and taxation and the value of the underlying assets on the day.