A new savings account by Leeds Building Society offers savings account holders a guaranteed savings interest rate as well as instant access to savings.

The fourth issue of the Direct Saver Plus savings account will pay savings account holders a guaranteed savings interest rate of 4.8 per cent a year until the end of January 2007.

The savings interest rate will increase if the Bank of England base rate is increased above 4.8 per cent.

Furthermore, savings account holders can access to their funds penalty free at any time without having to give notice, as long as the amount they want to withdraw is £1,000 or more.

Previous issues of the savings account have been very popular with customers saving money at Leeds, says Karen Wint, head of marketing.

Ms Wint says the guaranteed savings interest rate combined with access to funds without notice or penalty are winners.

Many customers see this account as an integral part of their investment portfolio, Ms Wint says, urging people to act quickly to ensure they can take advantage of the limited issue savings account.