Polyesters whose polycondensation is catalyzed by titanium-containing catalysts and which are susceptible to acetaldehyde formation during polycondensation or subsequent molding operations are prepared with low finished acetaldehyde content and reduced acetaldehyde generation by adding an ammonium or amine salt of an oxyphosphorus-acid. Polyesters, especially polyethylene terephthalate, may be produced with high inherent viscosity in reduced processing time, without the necessity of further polymerization in the solid state.