New best-buy telephone account from AA Savings

AA Savings has improved on its best-buy performing telephone account with launch of the easy-access Telephone Access Plus Account which offers an interest rate of 6.50 per cent gross/AER, including a six-month bonus of 0.20 per cent gross.

The account has been launched to maintain the AA’s best-buy position even though the Bank of England has announced a 0.25 reduction in the base rate. It replaces the Telephone Access Account which offered 6.30 per cent gross/AER, but without a bonus. The new account reverts to 6.30 per cent on expiry of the bonus.

The new account can be opened with anything from £500 to £500,000 (£1 million for a joint account) and allows unlimited withdrawals and deposits with no penalty.

Interest is calculated daily and credited annually or monthly either to the savings account or taken as income, using a linked personal bank account. All transactions on the account are made by telephone and lines are open 08.00-20.00 Monday to Saturday (excluding public holidays).

Says Mark Huggins, managing director of AA Financial Services: “This account is similar to the account it replaces, but with the important addition of the 0.20 per cent ‘icing on the cake’. It provides a top interest-paying option for those who prefer to use the telephone to manage their financial affairs, rather than the internet. Plus, it’s a secure, well-managed account from one of Britain’s most trusted brands.”

The AA Telephone Access Plus Savings Account can be opened in sole or joint names. Customers can open more than one account.

For more information, visit theaa.com.