Boy you can tell the AA is no longer a mutual but instead part of a big corporate company. Its latest act is an absolute disgrace! Take a look at this:
On 13 Dec it said it’s putting its rate up even though base rates had dropped
On 13 December 2007 the AA increased its savings rate making it the best buy, a shock as the Bank of England had just cut UK interest rates. Its press release said (I’ve highlighted the important bit):
“The account has been launched to maintain the AA’s best-buy position even though the Bank of England has announced a 0.25 reduction in the base rate. It replaces the Telephone Access Account which offered 6.30 per cent gross/AER, but without a bonus. The new account reverts to 6.30 per cent on expiry of the bonus.”
Says Mark Huggins, managing director of AA Financial Services: “This account is similar to the account it replaces, but with the important addition of the 0.20 per cent ‘icing on the cake’. It provides a top interest-paying option for those who prefer to use the telephone to manage their financial affairs, rather than the internet. Plus, it’s a secure, well-managed account from one of Britain’s most trusted brands.”
On 3 January it cut them again
Then on 3 January 2008 it dropped its rate by 0.25% to 6.25%, making it even lower than its original position. And remember there has been no base rate announcement in the meantime, yet it has cut it by that base rate amount.
Hang your head in shame AA for such terrible spin and misleading info.