Ford Money is offering solid interest rates on its savings accounts – although none are market-leading at the time of writing. Savings accounts can be managed online and through the app – but there’s also a UK-based call centre.
The ISA accepts transfers in from ISA accounts held with other providers, which is a bonus for those looking for better rates on their ISA cash.
Pros
- Competitive rates
- Joint accounts available
- FSCS protection
- Accepts ISA transfers
Cons
- Rates slightly lower than best buys
- Online only
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Ford Money at a glance
Ford Money is the financial subsidiary of the Ford Motor Company. It was established in 2017 and now offers a range of online savings products to UK customers, including fixed rate bonds and cash ISAs.
Ford Money’s savings accounts are available to UK residents with a UK bank account over the age of 16.
Ford Money savings range
Here’s a round-up of the available savings deals at Ford Money.
- Flexible Saver: An easy access account with a variable interest rate. Deposit and withdraw your funds as and when required without penalty. Open with just £1. Maximum savings permitted is £2 million. Gross savings rate of 3.75% AER (Annual Equivalent Rate). Interest can be paid monthly or annually
- Fixed Saver: Fixed rate savings account or bond. Choose to fix for one, two or three-years. Minimum deposit is £500, maximum is £2 million. The gross fixed rate is 4.80% AER. This rate is the same for one, two or three years. Make unlimited deposits (up to the allowed maximum) in the first 21 days. No withdrawals permitted until maturity. Choose to have interest paid monthly or annually
- Flexible Cash ISA: An easy access tax-efficient ISA which you can open from £1. Deposit and withdraw funds at any time. Maximum ISA allowance is £20,000 per person per tax year. Transfers from other ISAs are accepted. Interest can be paid monthly or annually. The gross AER is 3.50%
- Fixed Cash ISA: A fixed rate tax-efficient ISA – available over one, two or three years. The minimum deposit is £500. Interest can be paid monthly or annually. No withdrawals are permitted during the fixed rate term. Gross AER is 4.1% fixed (one year), 4.15% fixed (two years) or 4.20% fixed for three years.
Ford Money savings benefits
Ford Money says its online accounts are quick and easy to open. Customers can manage their account online or through an app. There is also a UK-based call centre, open seven days a week, to help with customer service issues.
Among other benefits Ford offers joint savings accounts (you cannot have a joint cash ISA due to the personal tax benefits of the account).
The interest rates, while not market leading, are competitive and offer decent returns on cash savings.
Ford Money is part of FCE Bank, which is fully authorised and regulated by the Financial Conduct Authority. This means customers’ savings are protected under the Financial Service Compensation Scheme.
Is Ford Money savings the right choice?
If you’re looking for a solid savings account choice from a well-known brand and you’re happy to manage your money online, then the Ford Money savings range could be an option worth considering. But currently, its rates can be beaten elsewhere.
The provider’s ISAs accept transfers in from other ISA accounts so this could be useful as not all top-paying cash ISAs accept transfers.
Anyone over the age of 16 who is a UK resident and has a bank account can open a Ford Money account. Ford Money says accounts can be opened online in just 10 minutes.
Accounts can also be conveniently managed 24/7 either online or via the Ford app.