AAA High Yield Savings Program Doubles Deposits to $2 Billion in 12 Months, AAA Oklahoma Reports

NEWS from AAA Oklahoma, July 29 – AAA Oklahoma announced today that total deposits in the national AAA Deposit Program, offered in conjunction with Discover Bank, have doubled to $2 billion in the past 12 months. The auto club is one of 45 AAA clubs offering members money market accounts, certificates of deposit and IRA CDs through AAA’s relationship with Discover Bank. All of the products are FDIC-insured and come with preferred interest rates for club members.

“We’re finding that consumers stuck with low rates on savings or who are encountering troubling changes at their current bank are increasingly ready to explore offerings by other financial services providers,” said Chuck Mai, spokesman for AAA Oklahoma. “Discover Bank allows us to give our members options and some very attractive financial alternatives.”

The AAA Deposit Program was launched in January, 2008 and exceeded $500 million in deposits after eight months in existence. Then it doubled in size eight months later to $1 billion in July of 2009.

“There’s no doubt the AAA Deposit Program has the potential to continue rapid growth in deposit balances based on member demographics and the competitive product set,” Mai said.

Discover Bank President Christina Favilla agrees with Mai. “As Discover Bank’s first and largest affinity partner, AAA helps us advance our mission of helping Americans achieve their savings goals,” she said. “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 (888) 728-3230 or contact any AAA Oklahoma office.

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, 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 nationwide 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 Oklahoma 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. The bank offers certificates of deposit, money market deposit accounts and other consumer financial products and services. For more information, visit www.discoverbank.com.