Savings - new interest rate

Improved rate for AA’s Internet Extra account

6 December 2012

AA savings accounts

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AA Savings has increased the interest rate for its popular Internet Extra easy-access internet savings account, to a best-buy 3.20% gross pa/AER (from 2.60% gross pa/AER).

The increase takes effect from Thursday 8 December, and applies to both new and existing savers in Issue 5 of the account. Interest is calculated daily and paid on the anniversary of the first deposit, either into the account or a linked bank account.

This is good news and places the Internet Extra account among the most competitive easy-access accounts.

Mark Huggins, director of AA Financial Services

Comment

“I recognise that most people are concerned that their money isn’t going as far as it used to but saving is vital – whether it’s just putting just £5 away, or £500: everyone can benefit from the improved interest rate,” says Mark Huggins, director of AA Financial Services.

 

According to a recent survey for AA Financial Services*, 47% of respondents say they don’t have much to save while a fifth (19%) have stopped saving altogether because they can no longer afford it.

Even so, Mr Huggins says he is encouraged by the fact that 64% of those questioned do save and, of them, just over half (56%) have an instant-access account. He says that savers will be able to move their money into another AA account once the bonus period has ended, adding that the interest rate is provided on every statement, whether online or paper.

AA already has best-buy 1- and 3-year bonds as well as its Access ISA.**

The Internet Access account is easy to open at theAA.com/savings.**

(6 December 2011)

* AA Financial Services commissioned One Poll to interview 3,000 respondents about their savings plan in November 2011.
** For full information see the terms and conditions on www.theAA.com.