Would you save with Ford? Car maker launches new range of savings products and the rates are decent
Ford Money says it combines the trusted brand heritage of Ford with the financial expertise of its financial services arm to give savers fair rates
FORD is branching out of the car making business to launch...savings products.
The new savings brand is called Ford Money and it's offering pretty decent rates of interest on its savings accounts and ISAs.
It also claims to offer "excellent" customer service and straightforward products.
Ford Money is part of Ford's financial services arm, Ford Credit Europe, which received a UK banking licence in 1997.
It will now offer six savings accounts; one easy-access account (paying 0.85 per cent), two fixed-rate bonds (1.31 per cent for one-year and 1.5 per cent for two years), an easy access ISA (0.80 per cent), and two fixed-rate ISAs (0.95 per cent for one-year and 1.09 per cent for two years).
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The rates on offer sit higher than the average deals on the market generally.
On Ford Money's fixed-rate products, customers will receive the interest rate shown at the time they apply, or if the product rate increases before the initial deposit is made, they will receive the higher interest rate.
Ford Money's rates are decent - but you can get better elsewhere
- FORD is paying 0.85 per cent on its easy access account - but you can get 1.15 per cent with Yorkshire Building Society
- Ford is paying 1.32 per cent on its one-year fix - but you can get 1.51 per cent with Paragon Bank
- Ford is paying 1.5 per cent on its two-year fix - but you can get 1.85 per cent with Secure Trust Bank
- Ford is paying 0.80 per cent on its easy access ISA - but you can get 1.05 per cent with The Coventry Building Society
- Ford is paying 0.95 per cent on its one-year fixed-rate ISA - but you can get 1.13 per cent with Bank of Cyprus UK
- Ford is paying 1.1 per cent on its two-year fixed-rate ISA - but you can get 1.25 per cent with Yorkshire Building Society
The provider said it will not be offering short-term bonus rates to attract new customers at the expense of existing customers.
A "best rate guarantee" offered by Ford Money across variable rate products means existing customers will not be worse off than new customers on similar products.
You can open a Ford Money account online or by phone.
Customers' deposits with Ford Money are protected by the Financial Services Compensation Scheme (FSCS), the UK's savings protection scheme, in the same way as they are with high street banks and building societies.
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