AA Savings has launched issue three of its online easy access 12-month bonus account, offering a best-buy 5.61% AER.
The account can be opened with a minimum balance of GBP1, while the maximum balance can reach GBP5 million. Interest is calculated daily and paid monthly into the account. Furthermore, unlimited deposits and withdrawals can be made.
The internet savings account offers a high level of security with full online functionality, and in most cases no signature or check is required for the first deposit. Money is transferred by BACS and customers can undertake and track all their transactions online.
From first enquiry, the AA aims to have accounts fully operational in 10 working days.
The internet is an increasingly trusted avenue for making major financial transactions and this account features market-leading security as well as being exceptionally easy to open, said Lloyd East, director of AA personal finance. It offers a great rate whether you’re starting a savings account with a fiver or GBP50,000.
Mr East added: Despite the range of high interest-paying accounts now available, most people still look to high street banks as their first choice for savings – yet, in many cases, the interest they earn is so poor they actually lose money. This is despite AA research which shows that two thirds of savers say they would move if they thought they were getting a poor deal.