Leeds Building Society has launched a new high interest, unlimited access account called the Albion Saver.

The plan has been branded as a simple, straightforward account that is offering customers a rate of interest up to a market leading 2.50 per cent gross per annum.

Plus the added bonus of the unlimited free withdrawals from the account as long as a minimum investment of £2,500 is deposited.

Kim Rebecchi, Director of Sales and Marketing said, "We have launched the Albion Saver passbook account, with no short term bonuses or restrictions on the number of withdrawals allowed, available through our branches and paying up to 2.50%.”

The plan is a passbook account and doesn’t offer the luxury of a chequebook or guarantee card, also cash withdrawals are not permitted from the fund.

On top the 2.50 per cent gross interest is only available on investments of more than £100,000 and for the minimum deposit of £2,500 the gross interest expected is 1.60 per cent gross per annum.

Kim Rebecchi adds, "I would thoroughly recommend the Leeds Building Society Albion Saver account because it offers an excellent return, is straightforward with no catches or a requirement to open another account with the Society and investors simply cannot lose."

Among other providers, West Bromwich Building Society’s No Notice Saver leads the way according to moneyfacts.co.uk, with a rate of 2.80 per cent gross, and a minimum investment of £1,000 has to be made.

However the account only allows three withdrawals in each account year (1 May-30 April), if this is exceeded or the account balance drops to below £1,000, the interest rate drops to 0.05 per cent gross.

Meanwhile Chelsea Building Society has a Rainy Day Savings scheme, offering a rate of 2.0 per cent gross and the rate is earned on balances ranging from £10 to £500,000.

This is also a passbook-operated scheme, which offers free withdrawals after the first year.

Although Leeds BS has launched this account there are many hidden factors, particularly when two other options in the market are easy and straightforward to use.