AAA deal with Discover for members only

Are you a member of the AAA auto club? Chances are, like me, your card is in your billfold right now. If so, you may be “driven” (ha-ha!) to take advantage of a good deal on both online savings accounts and CDs via Discover Bank. And these rates are available exclusively to members of AAA — the general public is out of luck.

What’s special about these offers? Let’s take a look:

CD accounts:

• 2.40 percent interest on a five-year CD. And if you opt for a 10-year term, the rate rises to 5.05 percent annual percentage yield (APY). That’s twice the national average. Pop for three months, however, and rates drop to a scrawny 0.60 percent — but that’s still three times the national average and almost seven times the rate offered by Bank of America.

• No minimum deposit. Some banks demand $10,000 to get this good of a rate.

• Interest compounds daily.

• Option to withdraw interest automatically — great for seniors who need automatic income.

Online savings account:

• 1.20 percentage APY. You have to deposit a minimum of $500, but you score a rate five times the national average of 0.20 percent and get a rate that is many times higher than Chase’s pathetic 0.01 percent!

• Up to six transfers each month.

• Automatic transfers from any savings or checking account.

The benefits of banking with Discover don’t end with good rates. They include 24/7 customer service, great customer satisfaction, and all accounts are insured by the FDIC up to $250,000 for each depositor in each deposit category.

For more info, go to AAA’s Discover Bank offer page.