The motoring organisation also plans to start offering personal loans as part of its tie-up with NatWest Boxed, the high street bank’s white label financial services platform.
The partnership will allow the AA to offer financial products to millions of AA customers, as well as the wider market.
Details and rates for the instant-access account have not yet been announced, but the AA said customers “will be able to top up and withdraw money instantly from their new FSCS-protected savings account”.
It also promised that, when launched, its personal loans will have the benefit of market-leading rates, with lending approved and dispersed in minutes.
The partnership will also see the AA offer a differentiated product range for its personal breakdown members and insurance customers.
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Jakob Pfaudler, CEO of the AA, said: “We are delighted to announce this financial services partnership with NatWest Boxed as we continue to broaden the range of services we offer our members.
“This partnership demonstrates our strategy to drive growth by expanding our driving services and is supported by the strength of our brand. We look forward to working with NatWest Boxed to ensure we are able to offer the products and services that really work for our customers’ needs.”
Andrew Ellis, CEO of NatWest Boxed, said: “Our partnership with the AA is a significant step in our journey to be the leading embedded finance provider in the UK. Boxed was built to power the financial services aspirations of UK’s biggest brands. We are proud to support the ambition the AA has for its customers, using our technology, balance sheet, operational support, and regulatory expertise to drive future growth.”
The AA and NatWest Boxed said the savings and unsecured personal loans are the first step of a long-term strategic partnership.
The AA previously offered savings accounts in conjunction with the Bank of Ireland.
