AA Savings Accounts

rb10 · 28 October 2009 at 1:14PM

Hello,

I was just wondering if anyone has any good or bad experiences with savings accounts with the AA?

How long from application is the account ready to use? Do they make you jump over a million hurdles before you can open it? Or is it relatively straightforward?

And is it quick and easy to transfer money out of the account?

Any thoughts and comments will be much appreciated.

Thank you.

Baldur · 28 October 2009 at 1:20PM

Mine recently matured - application was swiftly dealt with from memory (a previous history with Birmingham Midshires may have helped expedite ID checks, etc.) and account open in under a week.

Online BACS transfer out to linked account on maturity, but had to leave £1 in the account, which was refunded by cheque on account closure.

noh · 28 October 2009 at 1:21PM

Yes I had a 1 year fixed rate which has just matured and an instant access which I still have.
Relatively easy to open. I applied online.
The account has to be linked to a bank account with DD facilities and if you are a new customer you have to make your first deposit by cheque.
Once up and running you can change the linked account on line.
They are not FP enabled so transfers out to linked account take 3 days.
Payments in can be via BACS from any account or DD from linked account.

Reaper · 28 October 2009 at 2:04PM

I just opened an account online. It all went smoothly but unfortunately they insist on sending you documents through the post, which you then have to send back with your cheque. So if more postal strikes do happen it could all slow down.

rb10 · 28 October 2009 at 5:25PM

Many thanks to all three of you for your detailed and swift replies

I think AA may gain a customer when my 5% at Halifax finishes next month, as long as they don't do anything silly to their rates in the meantime.

Charl__x · 28 October 2009 at 10:17PM

I'm also considering the AA account for my savings, haven't heard anything particularly worrying regarding them, infact it sounds pretty good!

meatandtwoveg · 9 December 2009 at 5:22AM

Re AA - Can anyone help, i have changed my linked account, but the interest still goes into my old account every month, any reason? When i move or withdraw the money, it goes into my new linked account, fine, but interest payments do not change, still into my old account?

cottager · 9 December 2009 at 8:40AM

We were very impressed when forms to send opening chq etc arrived by return of post following application. If it all works as well as that once open we'll be well pleased.

noh · 9 December 2009 at 1:07PM

meatandtwoveg wrote: »

Re AA - Can anyone help, i have changed my linked account, but the interest still goes into my old account every month, any reason? When i move or withdraw the money, it goes into my new linked account, fine, but interest payments do not change, still into my old account?

I had a similar issue when my fixed rate matured recently.
I had changed the linked account but the maturity proceeds were sent to the linked account stated on opening.
I think the only thing to do is call them.

pem2 · 9 December 2009 at 3:18PM

Although I agree setting up the Extra Interest (3.15%) account in the first place involves a bit of fluffing around/sending a cheque for the minimum of £1 etc, you can make deposits afterwards by Faster Payments to their 20-97-78 sort code and from any sending bank.

AA Savings Accounts

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