BRISTOL & WEST is launching a new issue of its Guaranteed Equity Bonds, linked to the combined performance of the FTSE 100, the USA's Standard & Poor's 500 and the Japansese Nikkei share indexes. In one version of the bonds, all the money is invested in equities. The other places up to half the sum invested in a one-year fixed-rate bond paying 5 per cent gross in the first year, reducing risk slightly. Call 0800 202121.

SKIPTON BUILDING Society is cutting the cost of its variable mortgage interest rates to 8.55 per cent. It is also launching a base Rate Tracker mortgage intended to follow the Bank of England's bank base rate, with a fixed differential of 0.75 per cent. Borrowers could opt for a cashflow mortgage, which gives a 2 per cent discount in the first two years, plus a further 1 per cent cashback in each of the next four. Call 0800 446776.