Guaranteed equity bonds are the latest investment products offering stock-market levels of return without the risk. Guaranteed equity bonds are an extremely brainy kind of investment, available through a variety of high street names. Investors typically lock away their money for up to five or six years after which they will receive a certain percen...

Take the guaranteed equity bond. The very name offers it’s the perfect investment: it’s a bond, so you think it is safe; it’s guaranteed, so it’s extra safe; but it’s also got equities in it so it’s a little bit racy too. All in all, it appears to offer upside with no downside. But strip the marketing veneer fro...