NEW AA SAVINGS ACCOUNT HAS IMPROVED RATE
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| Article date: 12/10/2005 : 16:34:18 |
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The AA has launched a telephone savings account that gives people the opportunity to earn more than ever before on their savings.
AA Telephone Savings Account 4 offers a 12 month interest rate of 4.86 per cent gross/AER, up from 4.76 in earlier savings accounts, on deposits from just £1 to £5 million.
After a year the interest rate reverts to a variable 4.36 per cent gross/AER rate.
Lloyd East, general manager of AA financial services, said: "We hope that by offering this rate, the AA will become a clear choice for those with significant sums to save as well as those who perhaps have saved little in the past.
"With a minimum deposit of £1 it could be a great introduction for new savers."
He believes a number of people want to change from their savings accounts provided by banks as they offer little value.
"In many cases, customers earn such little interest that when inflation is taken into account, they are actually losing money," he said.
With this account there is no limit to the amount of deposits and withdrawals that can be made and it can be opened by one person or two people together.
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