AAA's High Yield Savings Program Doubles Deposits to $2 Billion in 12 Months

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

ORLANDO, Fla., Aug. 2 /PRNewswire-USNewswire/ -- AAA 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 account(2), 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 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.

AAA news releases, high resolution images, broadcast-quality video, fact sheets and podcasts are available on the AAA NewsRoom at AAA.com/news.

Listen to a podcast about his news release at:  http://www.aaanewsroom.net/Main/Default.asp?CategoryID=5&SubCategoryID=48

(Logo: http://photos.prnewswire.com/prnh/20080226/DC15031LOGO)

(Logo: http://www.newscom.com/cgi-bin/prnh/20080226/DC15031LOGO)

Available Topic Expert(s): For information on the listed expert(s), click appropriate link.

Geoff Sundstrom

https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=75026

SOURCE AAA