Member Saver

The bonus rate is fixed at 2.29% gross during the 12-month offer period.

The standard rate is variable and may go up or down. There are a few reasons for this, for example a change in the Bank of England base rate. You can find a full list of reasons for an interest rate change in section 10.2 Notification of changes to the agreement in the Member Saver account terms (PDF).

We’ll give you at least 14 days' notice if the rates are going down and your balance is £100 or more. Otherwise, we’ll tell you before or shortly after the change.

You can find more details about how we’d tell you about a change in section 10.2 Notification of changes to the agreement in the Member Saver account terms (PDF).

The following example shows how much you may be able to save:

To be eligible for this account, you must:

• Have AA breakdown cover, or an AA car or home insurance policy, directly with The AA – and not as part of a bank account benefit, third-party insurance contract, or through your vehicle manufacturer
• Be a UK resident with a UK address
• Be aged 18 or over
• Have a UK mobile number
• Have UK tax residency only
• Have an open UK personal account that can be used as a nominated account

Accounts are available for new applicants only. You can apply to open an account by going to the ‘Apply for a Member Saver account’ section. Make sure you take a look through all of the important legal information before you start your application.

You can manage your account online.

Payments in and out of your savings account can only be made to and from your nominated account.

You can only have one Member Saver account and it needs to be in your name. We don’t offer joint accounts. 

The maximum balance you can hold in the Member Saver account is £1 million.

The minimum balance you can hold in the Member Saver account is £0.

Yes, you can withdraw money at any time. Just move the amount you want to your nominated account from your Member Saver account.

You can only withdraw up to £10,000 from your account each transaction, and £20,000 over a rolling 24 hour period.

If you close your nominated account, you’ll need to set up a new nominated account to withdraw money.

The bonus interest rate will be added to the standard variable rate from the date your account is opened. This will apply for 12 months. After 12 months, the bonus rate will end and only the standard variable rate will apply.

You can take out a Member Saver account if you've got AA breakdown cover, or an AA car or home insurance policy, directly with The AA – and not as part of a bank account benefit, third-party insurance contract, or through your vehicle’s manufacturer.

During the application, we’ll ask you about your finances. This will include your employment status, salary and expected deposit into the account.

You’ll also need to verify your identity during the application. This will involve taking a photo of your ID, and recording a short video of yourself.

If you’re not able to take a video to confirm your identity, chat to us to discuss your options by logging in to your savings account and selecting the icon in the bottom right of the screen.

You’ll earn a bonus rate on top of your variable interest rate for the first 12 months after opening your account. When your bonus rate is due to expire, we’ll contact you to let you know. You’ll then continue to earn the variable rate available on your account at that time. You can find this information in your account's summary box.

Once your bonus rate expires, you won’t be able to renew it.

You can make your first deposit and top up your savings account by transferring money from your nominated account.

You can withdraw money by logging in to your savings account and selecting 'Withdraw money' from the dashboard. The amount you choose to take out will be sent to your nominated account. You can withdraw up to £10,000 from your account each transaction, and £20,000 over a rolling 24 hour period.

We calculate your interest rate daily, and pay it on the first day of every month. Weekends and bank holidays won't have any impact on when interest is paid.

Annual Equivalent Rate (AER)

The interest rate if interest is paid and compounded once each year. AER helps you compare the rates of interest on different accounts.

Compound interest

Interest earned on interest that’s already been paid.

Gross rate

The interest rate you’re paid on your savings with no compounding.

p.a.

Per annum (per year).

Tax-free

We pay all savings interest without the deduction of tax. You may have to pay tax on interest earned depending on your Personal Savings Allowance. The tax treatment may change in the future.