Meteor launches product offering 10% income

Meteor Asset Management (MAM) has launched the Solar Income Plan, a five-year product based on five major UK banks: Barclays, HBOS, HSBC, Lloyds TSB and RBS. The plan offers a fixed income of 10% per year or 0.8% per month. Capital is returned in full, providing four of the five shares that are equal to, or above 50% of their opening level on May 2 2013. If this condition is not satisfied, then capital is reduced 1:1 according to the worst performing share.

“We are aware that there is a similar product currently available in the market but believe that the Solar Income Plan has two qualities which are more attractive,” says Graham Deville, managing director of MAM. “It has a shorter term and the protection level is greater as the capital return in only based on four of the share prices in five years time,” he adds.

Minimum investment is £7,000 for Isas and £10,000 for other investment routes. The closing date for investment is April 25 2008.

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