AAA Members Place $1 Billion Into New High Yield Savings Program
AAA partnership with Discover Bank attracting consumers with high yield savings products
ORLANDO, July 6 /PRNewswire-USNewswire/ -- AAA announced today that total deposits in its AAA Savings Program, offered in conjunction with Discover Bank, have exceeded $1 billion just 18 months since the program's inception in January of 2008.
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Forty AAA clubs offer money market products, certificates of deposit and individual retirement account certificates of deposit via AAA's national relationship with Discover Bank. All of the products are FDIC-insured and AAA members benefit from an additional 5 basis point interest rate advantage over Discover's already extremely competitive rates.
"The ongoing difficulties at some of the world's largest financial institutions have clearly caused many consumers to re-assess their banking relationships," said Doug Bower, AAA vice president of Travel and Financial Services. "AAA is a strong and trusted organization with a reputation for always putting its members' interests first. The confidence consumers have in AAA, coupled with the outstanding rates of return we have been able to secure through our relationship with Discover Bank, are a winning combination in today's unpredictable financial services environment."
AAA Deposit Program has doubled in size since last October
The AAA Deposit Program was launched in January of 2008 and exceeded $500 million in deposits after eight months in existence. The program has doubled in size since that time and now has more than 25,000 accounts. The AAA Deposit Program has the potential to achieve several billion dollars in total deposit balances given the AAA member demographics, AAA said. The goal is based on Discover Bank's ability to consistently beat the national average rate and the approximately 25 percent of American households that look to AAA for safety and security.
"The pace at which we achieved this milestone is a testament to the power of the partnership between two organizations committed to providing consumers with products that offer real value," said Discover Bank President Christina Favilla. "Through strong relationships like this, we can deliver extra value to club members, who not only get safety, security and 24/7 live customer assistance, but whose investments grow faster with interest rates that consistently exceed the national average."
To access the AAA Deposit Program consumers should visit www.AAA.com/Deposits, phone 1-888-728-3230 or contact their participating AAA club.
AAA Financial Services offers an array of banking products with exclusive rates and benefits to members in participating U.S. clubs. These products include Money Market Accounts, CD's, IRA CD's, rewards-based credit cards, auto loans and an unsecured line of credit. Benefits include such things as no minimum balance to open a savings account, a variety of credit card rewards and rebates from cash back to merchandise and travel, exclusive rates on savings and loan products, and flexible terms.
As North America's largest motoring and leisure travel organization, AAA provides 51 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. AAA clubs can be visited 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 deposit accounts and other consumer financial products and services. For more information, visit www.discoverbank.com.
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Geoff Sundstrom
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