AA offers easy access savings rate of 3.15%-3.30%3.15% rate available on balances of £1+
21 December 2009
The AA is currently offering a competitive 3.15% AER on its Internet Extra (Issue 1) savings account, rising to 3.30% on balances over £50,000.
Switch your savings account after a year
Martyn Saville, Which? senior researcher, commented: 'This AA account offers one of the best rates available on easy-access savings, so could be a good choice for anyone who doesn't want to tie up their cash for too long or who may need access to their money at short notice.
'However, the headline rate on the AA account includes a bonus of between 2.65% and 2.80% for the first year, so it's important to shop around after 12 months to ensure you're still getting the best deal. Based on the rates currently advertised, the interest you'll earn on the account will drop to 0.5% after a year, so while it's competitive now, it won't be in 12 months' time.
'It's also disappointing to see the best rate of 3.30% only available to savers with at least £50,000 to put away. The Financial Services Compensation Scheme (FSCS) covers you for savings up to £50,000 in the event of your savings account provider going bust, so you may not want to save more than this amount with any one provider.'
Find the best savings account for you
To compare this savings account with the rest of the market, check out Which? Best Rate savings accounts.
For more detail on the Financial Services Compensation Scheme, read the .
Which? Money when you need it
You can follow @WhichMoney on Twitter to keep up-to-date with our Best Rates and Recommended Provider product and service reviews.
Sign up for the latest money news, best rates and recommended providers in your newsletter every Friday.
Or for money-saving tips, and news of how what's going on in the world of finance affects you, join Melanie Dowding and James Daley for the Which? Money weekly money podcast
For daily consumer news, subscribe to the Which? news RSS feed here. And to find out how we work for you on money issues, visit our personal finance campaigns pages.