AA Savings launches Telephone Easy Access tiered savings account

A new variable Telephone Easy Access savings account has been launched by AA Savings.

The account is tiered, offering 2.60% gross / AER variable on balances below £10,000 and £3.00% gross / AER variable for £10,000 and above.  The minimum deposit is £1 and the maximum £1 million.  The account can be opened in two joint names with a maximum deposit of £1 million for each depositor. 

The account includes a 12 month bonus of 2.1% for balances below £10,000 and 2.5% for £10,000 and above.

The AA Telephone Easy Access Account (issue 1) is completely flexible with no restriction on the number of deposits or withdrawals that can be made. 

Interest is calculated daily and paid annually either into the account or to a linked bank account.

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."

He added that savers are notified by letter ahead of the bonus rate ending.

For more information, visit theAA.com.