NEWCASTLE Building Society is warning investors that time is running out to take advantage of an account offering unlimited growth, based on the performance of worldwide stock markets.

The Global Guaranteed Equity Bond (Issue Two) Tessa Only Isa guarantees no risk to the capital sum initially invested and, based on the market performances of the last five years, holds significant growth potential.

A £9,000 sum invested in 1996 would have returned £14,752.80; this equals an annual equivalent rate of 10.4 per cent gross per annum over the fixed term.

The five-year, fixed term account offers interest equivalent to 85 per cent of the average growth of three major stock market indexes: the FTSE 100, the Nikkei 225 and the Dow Jones EuroSTOXX 50.

Designed for the re-investment of the capital element of matured Tessas, the maximum investment per year is £9,000.

More than 2,000 people invested in Issue One and 822 people have so far taken advantage of Issue Two. The closing date for applications is July 6. Tracking of the indexes begins on July 13 and, until then, interest will be paid at six per cent.

A Mini Cash Isa version of the product will be available for the investment of the annual subscription allowance of £3,000 for the 2001/02 tax year. A Non-Isa Bond will also be available subject to a minimum balance of £5,000 and maximum balance of £500,000.

The product will be available through Newcastle's 53 UK branches and in Gibraltar, through Newcastle Direct on 0845 6064 488 or on the Internet at www.newcastle.co.uk