The AA Internest saver - No??

BabyDragon_2

Hi All,

I've been trying to find a high interest account to make my saving work harder as the interest it makes I use as part of my income each month - So I need a high interest monthly paying account.

I found The AA up there with the best of them on Moneysupermarket and it reads well - but after a read on here - a) its not on Martin's lists which bothers me and b) his blog and the related comments I found searching the forum leave me feeling down and negative about it.

Is it really a no no????

Thoughts and advice very much appreciated please?

I already have and A&L esaver & B&B esaver and ebond.

For some reason I don't feel happy about an icici or hisave accounts - I like the known and trusted brands? - is that wrong - should I be more trusting of newer companies??

Crabman

There's no need to worry about trust/safety - all accounts listed in the article are covered by the FSA's compensation scheme (see the Safe Savings article for details) for the first £35,000.

The AA Savings account received a well-deserved thrashing from Martin because they increased the rate, making it a best-buy account, only to lower it again around 20 days later (full details). Their interest rate is currently 6.25% AER - there are better accounts listed, yet of course it depends on what you feel comfortable with

Pendle_Gazza

I nearly signed up for an AA account a few weeks back, but in their terms and conditions it said there was a transfer turn-around of money to/from your linked account of TEN WORKING DAYS!!

BabyDragon_2

Wow 10 days - thats a bit harsh - hmmm that helps thanks - 10 days is terrible to move money around when most transfers are 4 days!! Loss of interest during transfer = not good.

Crabman

Pendle_Gazza wrote: »

I nearly signed up for an AA account a few weeks back, but in their terms and conditions it said there was a transfer turn-around of money to/from your linked account of TEN WORKING DAYS!!

It only takes 10 working days for the first transfer in (set-up period) - after that it's 4 working days for deposits & withdrawls

http://www.theaa.com/savings/faqs_internet.html#Managingyouraccount

Nick_C

The AER on monthly interest on the AA account is 6.14%, but this includes a 6 month introductory bonus of 0.2%

Personally, I think Yorkshire BS internet account is better value. 6% AER with monthly interest and a cash card, giving you true instant access. Monthly interest is transferred out to your linked account.

bristolleedsfan

Nick_C wrote: »

The AER on monthly interest on the AA account is 6.14%, but this includes a 6 month introductory bonus of 0.2%

Personally, I think Yorkshire BS internet account is better value. 6% AER with monthly interest and a cash card, giving you true instant access. Monthly interest is transferred out to your linked account.

I agree.

BabyDragon_2

Thanks Guys - I have just tried to open yorkshire internet saver but they want ID docs sending in grrrrr - such a pain in the neck - The B&B did it electronically and I had no probs.