Feb 1 2006
The AA is finding many savers are opting for its AA one year Fixed Rate Savings Account.
Lloyd East, a general manger at AA Personal Finance, said the account, which is currently paying 4.88 per cent interest, has received a recent influx of interest.
The account has a minimum investment amount of £500 with the interest options coming monthly or annually and deposited straight into the account or as a monthly income.
There is no access to the account funds and the product has a one-year term with the option to open a new account at the end of the period.
Mr East said: "The post-Christmas period is a good time to start saving especially if you've already used your ISA tax-free allowance.
"A fixed rate account provides performance certainty – so it could offer a welcome boost to your cash flow for the 2007 New Year."
He added that the monthly income option could be particularly appealing to those wishing to put away substantial sums of money.
© Adfero Ltd
