Posts Tagged ‘IRA’

Orlando, Fla – 7/29/2010

AAA partnership with Discover Bank gains further momentum as consumers seek safety and higher than average rates 

Cynthia BroughAAA announced today that total deposits in its AAA Deposit Program, offered in conjunction with Discover Bank, have doubled to $2 billion in the past 12 months.

Forty-five AAA clubs offer money market accounts, certificates of deposit and IRA CDs via AAA’s relationship with Discover Bank. All of the products are FDIC-insured 1 and come with preferred interest rates for AAA members that exceed Discover’s already extremely competitive rates.

“The adverse banking environment encountered by millions of consumers since 2007 has driven many Americans to explore offerings by customer-focused financial services providers,” said Mark Brown, AAA executive vice president for Association and Club Services. “AAA’s Deposit Program is proving extremely attractive because we are a strong and trusted organization that is able to offer outstanding rates of return with the security of FDIC insurance.”

AAA Deposit Program poised for additional growth

The AAA Deposit Program was launched in January of 2008 and exceeded $500 million in deposits after eight months in existence. The program doubled in size eight months later to $1 billion in July of 2009. The AAA Deposit Program has the potential to continue rapid growth in deposit balances based on member demographics and the competitive product set, AAA said. Approximately 25 percent of American households hold AAA club memberships.

As Discover Bank’s first and largest affinity partner, AAA helps us advance our mission of helping Americans achieve their savings goals,” said Discover Bank President Christina Favilla. “The success of this relationship stems from the fundamental commitment by both partners to offer quality products backed by excellent customer service.”

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 and auto loans. Benefits include such things as no minimum balance to open a savings account2, a variety of credit card rewards and rebates from cash back to merchandise and travel, preferred rates on savings and loan products, and flexible terms.

As North America’s largest motoring and leisure travel organization, AAA provides nearly 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. 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 http://www.discoverbank.com/.

1 FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor, per deposit category, through 12/31/13.

2 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.

ORLANDO, FLORIDA,  March 17, 2010

AAA’s “Building a Sound Savings Strategy” videos on MonkeySee.com urge consumers to understand and use savings products appropriate to their financial goals

Cynthia BroughAAA – the largest paid-membership organization in North America – is offering consumers advice on constructing a sound savings strategy via a series of “how-to” videos available on the Internet. The videos are intended to address America’s renewed emphasis on saving money as a hedge against future expenses, as a means of paying for “big-ticket” items in an era of tighter and more expensive credit, and for retirement.

Hosted by AAA’s Director of Financial Services, Bill Gerhard, the videos cover three common investment types; money markets, certificates of deposit and individual retirement accounts. Gerhard explains the advantages of each and how they can be appropriate for meeting specific savings objectives. AAA offers members savings products with better-than-average rates at www.AAA.com/deposits . The videos are intended as introductions to each topic and are not meant to provide specific financial advice to individual consumers.

“AAA members and others are still undergoing profound shifts in their financial life. The era of easy credit has ended and rates of return have dropped to almost zero on many savings products,” Gerhard said. “This makes it more important than ever to put a savings strategy in place that addresses a number of different factors, including safety, accessibility, best available rates, short-term needs and long-term goals.”

The titles and descriptions of the videos from AAA Financial Services are as follows:

How to Save Money

How to Invest in CDs and Money Market Accounts

How to Save For Retirement Using IRAs

“While meeting basic monthly expenses and paying off debt are uppermost in the minds of millions of Americans right now, savings considerations should not be put off since it is only by saving that consumers are able to eliminate or reduce their need to borrow money in the future,” he said.

As North America’s largest motoring and leisure travel organization, AAA provides more than 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.

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