Britons who would like to start saving money now have a new stock market linked combination savings bond to consider.

Bradford Bingley has announced the launch of its Guaranteed Combi Bond, which offers a competitive savings interest rate combined with stock market growth potential.

Those saving money in this savings bond will see their investment divided evenly into a deposit-based savings account and a savings bond .

The savings account will offer a savings interest rate of seven per cent gross a year.

The five-year Guaranteed Equity Bond will be linked to the FTSE 100. The return on this savings bond will be either 110 per cent of the growth on the FTSE 100 or, should a fall be reported over the term, a full return of the capital that was invested initially.

The minimum investment in this limited savings offer is £1,000 and up to £250,000 can be put into the savings bond. Once the initial capital is invested, no additions or withdrawals are allowed until the end of the fixed term.

Investors simply cannot lose, says Steve Potter, Bradford Bingley's head of savings. He adds that this is an excellent opportunity as it offers a great interest rate and better rewards than conventional savings bonds.

No charges or management fees apply to this savings product.