AA raises interest on savings

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AA raises interest on savings

Following the Bank of England's decision to raise the Base Rate by 0.25 per cent to five per cent, the AA has announced its intention to reward its savers with a similar rise in interest rates.

The new interest rates will come into force from December 1st, affecting the AA Phone & Save Bonus Savings Account and AA Internet Savings Account, with improved rates of 5.35 per cent and 5.12 per cent gross respectively.

Both of these savings accounts include the first year bonuses and Lloyd East, director of AA Savings, underlined the AA's commitment to offering "well-performing savings accounts".

He added: "With growing concern about the rising tide of national debt it's important that customers get into the savings habit and take advantage of stronger interest rates."

"For instance, a saver with £20,000 in the AA Phone & Save Bonus Savings Account (Issue 2) would be £590 better off than in an account that simply matched the inflation rate," Mr East concluded.

The AA has been operating since 1905, is the largest motoring organisation in the UK and also provides customers with financial services.

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