AAA Financial Services Program Reaches $3 Billion in Deposits Providing Members Valuable Savings Options
ORLANDO, Fla., Oct. 14, 2011 /PRNewswire-USNewswire/ -- AAA's three-and-a-half year old AAA Deposit Program with Discover Bank is celebrating a milestone accomplishment by reaching $3 billion in deposits, up from $2 billion only one year ago. Members participating in the AAA Deposit program earn preferred member rates on FDIC-insured deposits.
"Achieving the $3 billion milestone was driven by the AAA Deposit Program's preferred member interest rates and the trust and security that members have in the AAA brand," said Marshall L. Doney, AAA Vice President, Automotive and Financial Services. "During these uncertain economic times, it is more important than ever for Americans to stay focused on their financial future."
"AAA is pleased that members are utilizing the AAA Deposit Program to achieve their present and future savings goals," continued Doney.
A sound financial strategy should include three types of savings: short-term savings accounts and money market accounts that are easily accessible; medium-term, pre-retirement savings accounts that generate extra income for retirement, such as certificates of deposits; and long-term savings for retirement with tax-advantaged options, such as individual retirement accounts.
The AAA Deposit Program is available at AAA.com/Deposits and offers AAA members these savings options, all with preferred member rates and FDIC insurance up to applicable limits:
Certificates of Deposit
The AAA Deposit Program's backbone, Certificate of Deposit accounts offer no minimum deposit to open and terms from 3 months to 10 years, providing the flexibility to meet a variety of needs.
Online Savings Accounts
AAA's newest savings option is a highly-competitive online savings account, offering rates that are currently more than five times the national savings average(1), a low $500 minimum deposit to open, plus no minimum balance required after opening.
Money Market Accounts
Enjoy easy access while earning great interest rates. Money Market accounts offer access by check, debit card, online and ATM. Make fast and easy online money transfers(2), plus there's no minimum deposit required to open(3).
Individual Retirement Accounts
The AAA Deposit program offers members both Traditional and Roth IRA CDs. Secure a great rate, enjoy flexible terms from 3 months to 10 years, and watch your retirement savings grow with the tax-advantaged option that works best for you.
The AAA Deposit Program, or portions thereof, may not be available in all areas. AAA members can open AAA Deposit accounts at AAA.com/Deposits.
As North America's largest motoring and leisure travel organization, AAA provides more than 52 million members with travel, insurance, financial and automotive-related services. Since its founding in 1902, the not-for-profit, fully tax-paying AAA has been a leader and advocate for the safety and security of all travelers. Visit AAA clubs on the Internet at AAA.com.
Founded in 1911, Discover Bank is one of the 100 largest banks in the United States and an affiliate of Discover Financial Services. Discover Bank offers certificates of deposit, money market, and online savings accounts, and other financial products and services. For more information, visit discoverbank.com
(1)National Average APYs based on rates of top 50 U.S. banks by deposit provided by Informa Research Services, Inc. as of 9/20/11.
(2)You may make up to six preauthorized transfers from your money market account per statement cycle, including automatic and telephone transfers.
(3) There is no minimum deposit required to open an account, however money market accounts must have an average daily balance of at least $1,500 beginning on the third statement cycle otherwise a monthly minimum balance fee will be charged.
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