The AA has launched a new easy access savings account that pays up to three per cent.
The AA Telephone Easy Access Account is a tiered savings account that pays 2.60 per cent gross/AER variable on balances below £10,000 which includes a 2.1 per cent bonus for a year and three per cent on balances above £10,000, which includes a 2.5 per cent bonus for 12 months.
Once the bonus rate ends, savers should scour the market and switch to a better deal.
There are no restrictions on the number of deposits or withdrawals an investor can make and the account can be opened by an individual or as a joint account.
The minimum investment is £1 and the maximum is £1 million for each depositor.
Mark Huggins, director of AA Savings, points out that the continuing low base rate means that choices for savers are limited. “This account offers a competitive interest rate for all savers but those able to invest £10,000 or more are rewarded with a higher interest rate.
“The account is easy access so savers can make as many deposits or withdrawals as they like.”