Ford Money: savings and Cash ISAs that don't punish loyalty
Ford Money has launched into the savings market with a range of savings accounts and Cash ISAs.
It promises savings accounts and ISAs that are easy to open, simple to manage and highly secure, with rates that are 'fair and consistent'.
The biggest pull is the Best Rate Guarantee. Under the pledge you'll always receive the same rate on variable products as new customers on like-for-like products. As for fixed-rate, you'll always get the best rate, even after you've applied for an account.
Deposits are secured by the Financial Services Compensation Scheme (FSCS) so that, in the unlikely event that Ford Money goes under, your first £85,000 investment will be safe.
We explore what savings accounts and Cash ISAs are on offer.
Easy access savings accounts
If you want to put money away but would like the freedom to access it at any time, then an easy access savings account is for you.
How does Ford Money compare to the competition?
Account | AER | Minimum deposit | Access |
1.10% | £100 | Online | |
Britannia Select Access Saver 7 | 1.10% | £500 | Online, branch, post |
Leeds Building Society Limited Issue Online Access Account Issue 2 | 1.05% | £1,000 | Online |
Charter Savings Bank Easy Access Issue 3 | 1.01% | £1,000 | Online |
NS&I Income Bonds | 1.00% | £500 | Online, post, phone |
Kent Reliance Easy Access Account Issue 18 | 1.00% | £1,000 | Online, branch, post |
UBL Online Easy Access | 0.90% | £500 | Branch, post |
Sainsbury's Bank eSaver Special | 0.90% | £15,000 | Online |
Coventry Building Society Easy Access Saver (4) | 0.85% | £1 | Online, branch, post, phone |
Ford Money Flexible Saver | 0.85% | £1 | Online, phone |
Two-year fixed-rate ISAThe car firm just about makes it into the top 10 but is thrashed by car-making rival RCI (launched by Renault) which takes the top spot with its Freedom Savings Account.
Ford's two-year ISA offering is the only other product to slip its way into the best buy tables. Here's how the top deals compare.
Account | AER | Minimum deposit | Access |
1.23% | £500 | Online | |
Skipton Building Society 2 Year Online Fixed Rate ISA | 1.20% | £500 | Online |
1.20% | £1,000 | Online | |
Virgin Money Fixed Rate Cash E-ISA Issue 229 | 1.15% | £1 | Online |
1.15% | £100 | Online | |
Newcastle Building Society Two Year Fixed Rate ISA (Issue 20) | 1.15% | £100 | Online, branch |
Principality Building Society 2 Year Fixed Rate Cash ISA Issue 174 | 1.15% | £500 | Online, branch |
Coventry Building Society Fixed Rate ISA (38) 30.11.18 | 1.10% | £1 | Online, branch, phone, post |
Ford Money Fixed Cash ISA 2 Year | 1.10% | £500 | Online, phone |
Nottingham Building Society Fixed Rate ISA Issue 24 | 1.10% | £500 | Branch |
You've got a handful of other savings products from Ford Money, but they're easily beaten by the financial firm's best-performing rivals.What about the other products?
Its Fixed Saver 1 Year account offers 1.32%, which is well below the Bank of London and the Middle East's 1.55% rate.
The Fixed Saver 2 Year account is 1.50% but it pales in comparison to OakNorth Bank which has a way better rate of 1.76%.
The Flexible Cash ISA is 0.80% which falls down in comparison to Coventry Building Society which offers 1.05%.
And the Fixed Cash ISA 1 Year is 0.95%, falls behind the top dog, Family Building Society, which pays 1.15%.
Fine print
No banks are without their small print, so here's what you can expect from the Ford fixed-rate accounts.
Customers must deposit a minimum of £500 and have 14 days to withdraw it or make further deposits, otherwise it's locked in for the agreed period.
When the bond matures, you'll need to shift your funds or your money will be automatically locked into a product of a similar length and rate once more.
In summary, even though a couple of its products make it into the best buy tables, Ford Money's financial products aren't worth writing home about just yet.
That said, we hope the practice of offering loyal savers the same rate as new ones catches on with other providers, and Ford should be commended for doing so.
