AA Savings telephone account 'improved'

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AA Savings telephone account 'improved'

Fri 14th Dec 2007

A savings account offering gross interest rates of 6.5 per cent has been launched by AA Savings.

The financial provider said the move is pursuant to the Bank of England's decision to cut interest rates to 5.5 per cent last week and has maintained its "best-buy position".

Savings between £500 and £500,000 can be added to AA Savings' new telephone access plus account, which offers a 6.50 per cent gross rate for six months before converting to 6.3 per cent thereafter.

Interest is accrued daily and can be paid out on a monthly or annual basis with all transactions conducted by telephone, the finance firm noted.

Mark Huggins, managing director of AA Financial Services, described the telephone access plus savings account as a secure and well-managed product.

"It provides a top interest-paying option for those who prefer to use the telephone to manage their financial affairs, rather than the internet," he said.

The finance company also recently launched an equivalent internet access account.

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