New saving account at 5%

Portman's is launching a new branch-based savings account with a five per cent rate for balances £1,000 and above.

The building society is offering savers the Branch Notice Saver account which has an interest rate guaranteed to be no less than the Bank of England base rate until the end of December 2007.

Investors can put between £1,000 and £100,000 into the 90 day notice account but if the balance falls below £1,000 the interest rate will fall to a fixed 1.00 per cent.

"With interest rates on hold for another month, things look rosy for savers. We have taken the decision to launch this product with an excellent rate of five per cent and, with a Bank Base Rate guarantee until the end of next year, this product will be very attractive to savers," said Helen Shaw, Group communication manager at Portman.

"If you've exhausted your ISA allowance and are looking for a new home for your savings, the Branch Notice Saver is definitely worth considering."