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AA savings accounts: An overview
Can the Automobile Association provide you with the right savings account?
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AA (originally The Automobile Association) is a British motoring association founded in 1905. It was established to help motorists avoid police speed traps in response to the Motor Car Act 1903. The act introduced new penalties for breaking the speed limit and reckless driving with fines, endorsements and the possibility of prison time.
Over time, the company expanded and it now provides car insurance, driving lessons, breakdown cover, loans, motoring advice, road maps and other services to customers across the nation. The company offers higher interest rates exclusively for AA Members.
Cash ISAs
Table: sorted by interest rate, promoted deals first
What savings accounts does AA offer?
AA offer five different savings accounts, including an account for AA members:
Easy Saver
- Open an account with a minimum deposit of £100
- Free withdrawals with no penalties or notice periods
- Interest paid annually on anniversary of account opening
- Manage your savings online 24/7
- Quick and easy online application
- Save regularly or with a lump sum
Member Saver
- Minimum deposit of £100
- Rewards AA members with exclusive accounts
- Unlimited withdrawals
- Interest paid annually on anniversary of account opening
- Manage your savings online 24/7
- Minimum deposit of £100
- Quick and easy online application
- Save regularly or with a lump sum
Easy Access Product
- Tax free introductory interest rate for 12 months from account opening
- Interest calculated daily and paid to you in March.
- Minimum deposit of £100.
- Transfer in ISAs held elsewhere
1 or 2 Year Fixed Rate product
- Interest calculated daily and paid annually
- One deposit per product
- Minimum deposit of £500
- Transfer in ISAs held elsewhere
Member Easy Access product
- Interest calculated daily and paid in March
- Minimum deposit of £100
- Transfer in ISAs held elsewhere
Is it easy to switch to AA?
The AA aim to make switching your savings account to them as easy as possible. That’s why the online application is quick and easy, and allows you to set up an account with a minimum of £100.
Every AA ISA account also comes with a holding account, so you can consolidate your existing savings before moving them to your savings product.
How do I decide which account is for me?
You need to work out what it is you need from your bank account. Are you looking to put a bit of money away each month? Do you want to put some money away and restrict access to it? Are you after rewards or hoping to maximise interest?
You need to work out what you need before comparing the different offers available for certain types of bank account. Once you’ve done that, useful guidelines to compare include:
- Interest rates
- Fees (if there are any)
- Access to cash (if you need quick access for instance)
- Rewards and loyalty schemes (if you’re into the add-ons or switching bonuses)
Does AA offer online or mobile banking?
Yes. AA offers online banking.
Here are some of the basic features of AA’s online banking service:
- View rates and current balances at anytime
- Make transactions at your convenience
What are the benefits and drawbacks of saving with the AA?
The benefits
- Benefits to members. The AA give extra benefits, such as higher interest rates, to their breakdown cover customers.
The drawbacks
- Online only. The AA have no physical branches, so if you prefer face-to-face customer service, AA might not be the way to go.
Our verdict
You might think that the AA is just to do with cars, but it does indeed offer a range of savings options. Take a look at our other reviews first, though, to see how the AA savings accounts weigh up against the competition in terms of rates, fees and perks.
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