Commonwealth Bank has launched a new capital protected investment, Capital Series Australia II, which is based on growth in the ASX200 over the next five-and-a-half years.

The Capital Series Australia II has a maturity date of 27 October 2014, and offers a choice of two strategies. Strategy 1 gives 100% capital protection at maturity with up to 80% potential for capital growth over the term, which equates to a maximum return of 15% per annum.

Strategy 2 gives 80% capital protection at maturity with unlimited capital growth potential. This means up to 20% of the investment capital is at risk if the S&P/ASX 200 closes lower on the maturity date, 27 October 2014, than on the start date, 20 April 2009.

Suzanne Salter, head of structured investments at the Commonwealth Bank, said: "...the current level is a tempting entry point, with the ASX200 trading at levels not seen since 2003.

"The ability to make returns exceeding that of a standard term deposit as well as limiting the risk of your investment capital resonates well with conservative investors, especially when we are talking about capital protection from CBA, one of only 18 banks in the world with an AA Standard & Poor's rating."

It is available to individual investors, companies, trusts and Self Managed Super Funds.