A telephone savings account has been launched by the AA to expand its savings range.
The savings account offers a savings interest rate of 4.93 AER, paying 5.25 per cent gross savings interest in the first six months.
The easy-access telephone savings account is called the first issue of the AA Telephone Bonus Savings Account. The savings provider claims that the savings interest rate is one of the best telephone savings interest rates available.
Even though it was designed specifically for those wanting to deposit high amounts, people can start saving money in the account with an investment of only a pound. The maximum investment is £5 million.
It would be an ideal savings vehicle for people looking to earn high-interest returns over a short period of time, says Lloyd East, general manager at AA financial services.
Savings account holders can make unlimited deposits into the account and up to six penalty-free withdrawals are allowed in the first year.
The AA also offers an internet savings account offering a savings interest rate of 4.87 per cent gross and its Telephone Savings 4 savings account paying 4.86 per cent gross.
Easy-access telephone savings account opens
Easy-access telephone savings account opens
Fri, 28 Oct 2005
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