First Active has recently released a number of products. Although tracker bonds seem to be declining in popularity, the company has just released a new series. This fifth-series bond has a 5 1/2-year term with returns averaged over the 18 months before the maturity date. The product has a 90 per cent capital guarantee and any returns are linked directly to the performance of global indices: FTSE 100 (Britain), S & P 500 (US), AEX (Netherlands) and Nikkei 225 (Japan). These bonds are subject to Deposit Interest Retention Tax (DIRT). The closing date is May 31st, 1999.

A "millennium" bond is also available from First Active's range of fixed-rate term accounts. The bond has an 18-month term and a fixed rate of 5 per cent. The minimum investment is £5,000 (€6,349) and options include monthly income and one withdrawal of up to 10 per cent of the fund invested during the account term. As with all investments, past performance is no guarantee of future returns.