AA opens 'no strings savings account'
Friday, 28 Sep 2007 17:15
AA Savings is launching an internet savings account at 6.3 per cent gross AER.
The AA Internet Access Account allows unlimited withdrawals and deposits with no penalty. The minimum deposit is £500 and the maximum is at £500,000.
Interest can be paid monthly or annually and accounts can be opened in sole or joint names.
Mark Huggins, managing director of AA Financial Services, said: "At a time when there is concern about financial stability in some institutions, the AA is offering a secure, well-managed savings account.
"It's easy to operate and fully transparent, as well as offering one of the best easy-access rates available underpinned by one of Britain’s most trusted brands.
"The account will be attractive to those who feel their current savings are being eroded by poor interest rates and reflects growing confidence in using the internet for financial transactions. Moving accounts has never been easier."
The AA is aiming to get accounts up and running in ten working days after application.
The deposit taker for AA Internet Access Savings Account is Birmingham Midshires, a division of Halifax Bank of Scotland.