AA savings account rates raised

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AA savings account rates raised

The AA has announced that the quarter point base rate increase by the Bank of England will be passed on to the company's customers from today.

All of the AA's instant access accounts will see an increase in their rate of 0.25 per cent which equates to the AA phone and save bonus account now offering 5.60 per cent gross/AER.

Allied to this, the AA internet account sees its rate increase to 5.37 per cent gross/AER. The latest rate rises are the second the company has incorporated in the past two months.

Lloyd East, director of AA Savings, commented: "The latest increase was not expected and caught many commentators off guard. But we are committed to providing consistently well-performing savings accounts.

"For example, the phone and save telephone account already offers one of the best instant saver rates."

Interest on the savings accounts is calculated daily and then paid monthly and customers can open either the AA phone and save bonus account or internet account with just £1.

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