Personal Finance: Bargain basement

Lambeth Building Society is launching a Tessa offering a variable rate of 7.65 per cent, plus a guaranteed bonus of 5 per cent of the first year's investment, potentially up to 8.07 per cent tax free. Call 0345 887777.

Guinness Flight is launching a regular savings plan for its offshore roll-up funds, which allow all investment returns earned on shares within them to be accumulated free of tax until they are sold. The Guinness Flight Regular Savings Plan, managed in Guernsey, offers 14 sub-funds, from Managed Currency to European Equity. Minimum monthly contributions of pounds 150. Lump sum payments over pounds 500. Initial charges range between nil and 5 per cent, depending on the fund. Annual management charges vary from 0.5 to 1 per cent. Call 0171 522 2111.

M&G is launching a PEP range for first-time investors. Its new Fundamentals range of five funds, which include corporate bonds, trackers blue chips and managed income, have no initial charge. Annual management charges range between 0.6 and 1.5 per cent. Call 01245 390390.

FirstMortgage, the telephone mortgage lender, has launched a three-year fixed mortgage, pegged at 5.8 per cent. Thereafter charges move to the variable rate, currently 8.25 per cent. FirstMortgage also offers a two- year rate, fixed at 4.7 per cent. Call 0800 080088.

Policy Portfolio, buyers and sellers of traded endowment policies, is offering a free pamphlet for people forced to cash in their with-profits policies because they have been made redundant. Call 0181 343 4567.

Northern Rock is launching new rates for unsecured loans. The APR charged ranges from 9.9 per cent APR on loans above pounds 5,000 to pounds 16.9 per cent APR for loans below pounds 3,000. Payment protection must be taken out to secure this rate. Otherwise rates range from 19.9 per cent to 12.7 per cent APR.