AA Internet Extra (Issue 6) Account

AA Internet Extra (Issue 6) Account

Put your savings on the road to great rates

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Moneynet Awards 2012

Best Online Savings Provider

Benefits of our Internet savings account

  • Earn 2.40% gross/AER variable. Rate includes a 12-month fixed bonus of 1.90%. After 12 months the variable rate excluding bonus applies, currently 0.50% gross/AER
  • Deposit from £1 up to £1 million
  • Apply for and manage your account securely online
  • Make unlimited transactions using your linked account with no-notice withdrawals
  • View full and mini statements online

Open an AA Internet Extra (Issue 6) Account

Apply now

Existing savers

If you would like to transfer your existing AA Internet Extra into our AA Internet Extra (Issue 6), just call us on 0845 603 3358. We will transfer your account on the day you call.

AER stands for annual equivalent rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes and interest rate will contain an AER, you will be able to compare more easily what return you can expect from your savings over time.

Gross is the contractual rate of interest payable before the deduction of income tax as specified by law.

Current and previous Bank of England interest rates can be found at:
http://www.bankofengland.co.uk/monetarypolicy/decisions.htm

Calls may be monitored and recorded for security and training purposes. Lines are open Monday to Saturday 8am to 8pm. Call charges may apply.

The deposit-taker for the AA savings accounts is Birmingham Midshires, a division of Bank of Scotland plc, which is authorised for accepting deposits by the Financial Services Authority. It is entered in the FSA's Register and its Register Number is 169628. Registered office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland No. SC327000.

Things you need to know

  • Rates are effective from 11 May 2012.
  • You must link your account to another bank or building society account (which must accept direct debits, faster payments and be in your name), to transfer money effortlessly to and from your account. This will be your linked account.
  • You can only operate this account online.
  • Interest is variable, calculated daily and paid on the anniversary of the first deposit and yearly thereafter. Interest can be paid to your account, to another AA Savings account or to another UK bank or building society account. Interest payments to non AA Savings accounts will reach that other account by the end of the next bank working day.
  • AA Internet Extra (Issue 6) Account is unavailable to joint account holders. If you wish to open an account that is to be operated by Power of Attorney, please call our AA Savings team for more information.
  • When you've submitted your application online please allow five bank working days to receive correspondence regarding your application.
  • A monthly interest option is not available.

Account summary

Account name AA Internet Extra (Issue 6) Account
Interest rates (gross/AERs) 2.40% gross/AER (variable). Includes a fixed bonus for the first 12 months of 1.90%. After 12 months the variable rate excluding bonus applies, currently 0.50% gross/AER
Tax status Interest will be paid net after the deduction of income tax (currently 20%) unless you register your account to receive gross interest
Conditions for bonus payment No conditions
Withdrawal arrangements Unlimited withdrawals online via your linked account
Access Online

Terms and conditions

AA Internet Extra Account (Issue 6)

Our agreement with you is made up of general conditions contained in the AA General Investment Conditions (General Conditions) and the AA Internet Extra Issue 4 (the Account) conditions below. If there is any overlap or conflict between the account conditions and the General Conditions, the account conditions apply. In these conditions 'we', 'our' and 'us' means Bank of Scotland plc – Birmingham Midshires is a division of Bank of Scotland.

The account is a variable interest rate savings account which is operated online, and we treat this as a payment account. (We explain what a payment account is in condition 1 of the General Conditions. You will see from conditions 18 and 19 of those conditions that we may treat payment and non payment accounts differently if we make any changes to your conditions or interest rate).

1. Eligibility

1.1 To have an account you must be 18 or over.

2. Opening and running your account

2.1 The minimum opening balance is £1 and the maximum balance is £1 million.

2.2 You can withdraw or deposit a minimum of £1.

2.3 To open an account you must make the opening payment to your account by writing a cheque made payable to yourself from your linked account (see condition 4 for more information about your linked account). Your name must be pre-printed on the cheque. Once we have made sure the details on the cheque match your linked account we will pay it into the account.

2.4 After the initial payment in by cheque referred to in condition 2.3, any payment in must be made by direct debit from your linked account and deposits by cheque will not be allowed.

2.5 When you ask us to withdraw money from your account, we will do this by moving money from your account to your linked account by faster payments service. Withdrawal by cheque will not be allowed.

2.6 To run this account, you must contact us online. However, you will need to write to us to change your personal details, as these cannot be changed online or by telephone.

2.7 This account is only available as a sole account so it cannot be held in joint names. You can only open the account in your own name.

3. Interest

3.1 Interest is calculated daily.

3.2 The account pays a variable interest rate.

3.3 We will pay you a bonus on the money in your account from the day we start to pay interest on your opening cheque deposit (see condition 5.2 of the General Conditions) until 12 months after the date we credit that deposit to your account. The percentage bonus you will receive can be found on theAA.com/savings. The bonus will be paid into the account that your interest is paid into – see condition 3.4 for more information.

3.4 Interest will be paid 12 months after the date we credit your account with your opening deposit, or if that is not a bank working day, the first bank working day after that. Interest can be paid into your account, to another AA account or to another bank or building society account – you will make this choice when you open your account. Interest payments will reach non AA accounts on the next bank working day.

4. Linked account

4.1 You must set up one linked account to operate your account. A linked account must be a personal current account with direct debit facilities at a UK bank or building society. The linked account must be in your name. It may be in your name jointly with another person, but only if either of you can set up direct debits on the linked account. You will be able to transfer money between the account and your linked account. The same conditions apply to any new linked account you may set up. If you wish to change your linked account details, you may amend them by deleting the original and adding another while online.

5. Cancellation

5.1 If you are not happy with your choice of account, you can cancel it at any time. There are no charges for cancelling your account and you do not have to give any advance notice. To cancel this agreement please close the account online and we will transfer your money to your linked account.

Issue date 11 May 2012