Ford Money: savings and Cash ISAs that don't punish loyalty

Ford Money: Savings and Cash ISAs that reward 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?

AccountAER Minimum depositAccess
RCI Bank Freedom Savings Account1.10%£100Online
Britannia Select Access Saver 71.10%£500Online, branch, post
Leeds Building Society Limited Issue Online Access Account Issue 21.05%£1,000Online
Charter Savings Bank Easy Access Issue 31.01%£1,000Online
NS&I Income Bonds1.00%£500Online, post, phone
Kent Reliance Easy Access Account Issue 181.00%£1,000Online, branch, post
UBL Online Easy Access0.90%£500Branch, post
Sainsbury's Bank eSaver Special0.90%£15,000Online
Coventry Building Society Easy Access Saver (4)0.85%£1Online, branch, post, phone
Ford Money Flexible Saver0.85%£1Online, 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.

AccountAERMinimum depositAccess
Bank of Cyprus UK Fixed Rate Cash ISA1.23%£500Online
Skipton Building Society 2 Year Online Fixed Rate ISA1.20%£500Online
Aldermore 2 Year Fixed Rate Cash ISA1.20%£1,000Online
Virgin Money Fixed Rate Cash E-ISA Issue 2291.15%£1Online
Leeds Building Society 2 Year Fixed Rate ISA Issue 881.15%£100Online
Newcastle Building Society Two Year Fixed Rate ISA (Issue 20)1.15%£100Online, branch
Principality Building Society 2 Year Fixed Rate Cash ISA Issue 1741.15%£500Online, branch
Coventry Building Society Fixed Rate ISA (38)£1Online, branch, phone, post
Ford Money Fixed Cash ISA 2 Year1.10%£500Online, phone
Nottingham Building Society Fixed Rate ISA Issue 241.10%£500Branch

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.

Compare even more savings accounts and Cash ISAs here

Vintage money-saving tips
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Vintage money-saving tips
Back then there was no choice, because the mass-produced microwaveable meal was just a glint in a marketing guru's eye, but now, cooking from scratch can save substantial sums.
The older generation learned that there were meat-free days of the week to save money, and that if you had meat you''d stretch mince with breadcrumbs, or buy cheaper joints and use every scrap.
Perfect fruit and vegetables and top-of-the-range brands are a new phenomenon. Buy generic non-branded food and fruit and vegetables in whatever size and shape is most affordable

Nowadays we rush around the supermarket grabbing things we like the look of - with little idea of what we're going to do with it. Making a list and thinking about what you buy can save you thousands of pounds over the course of a year.

There's no such thing as 'left-overs' there's just the ingredients for tomorrow's dinner. The remains of the meat can be stir-fried the next day, the vegetables blended into  soup, and the potatoes saved for bubble and squeak.

Try an experiment and eliminate everything from your life with the word disposable in the title. Not only will you save money, but your bin will take far longer to fill too.

Before you bin anything, think twice about whether you can give it a second life. Think carefully, does your granny have her tried and tested tips that she has a habit of mentioning, for instance, washing out freezer bags? If you mock, you're missing a trick and wasting money and resources.
Cutting out draughts and insulating your home properly can cut 10% off your heating bill.
Back in the 1940s when no-one had central heating, people got used to wearing another layer at home. Try lowering your thermostat gradually, and only stop when those around you start to notice - you'll be surprised how much you can save.
If you save your washing and dish washing until you have a full load every time you'll save energy and save money.
Over the generations we have been sucked into believing the hype. In the days when adverts were few-and-far between, we managed without many of the things we consider essential nowadays. Re-consider what you buy, and why. Without advertising, would you buy any of it?
It's always cheaper to save in advance and plan a purchase than to rush in and borrow - which could end up costing you hundreds of pounds more in interest.
Older generations typically withdraw what they can afford to spend in cash and then leave their debit card at home or deep in their wallets. This has the advantage that they don't tend to reach for a debit or credit card and spend more than they can afford.
Because the older generations couldn't borrow their way out of trouble, they tended to plan more. Give your family a financial safety and a nest egg for the future.
Back when there were only a finite number of items of clothing to go around in a neighbourhood, people borrowed from each other for special occasions. Nowadays swapping and sharing can save substantial sums
Back in the 1940s when no-one had central heating, people got used to wearing another layer at home. Try lowering your thermostat gradually, and only stop when those around you start to notice - you'll be surprised how much you can save.
There was a time not so long ago when no-one could actually remember anyone who had actually bought a bike. They were passed through the siblings, then across family and friends networks, so that decades later, children were still learning to ride a bike for free. Of course it helps if you buy something gender-neutral, then you can hand it down, and reap the benefits as others hand expensive toys on to you.
In previous generations, neighbours would think nothing of asking each other to babysit, walk their dog, or to borrow a ladder. Nowadays we pay handsomely for babysitters and dog walkers, and each have an expensive ladder gathering dust in the shed.
The army of people who come to our homes to do odd jobs is a new phenomenon for all but the very wealthy. You may well have the skills required to complete these jobs, so get stuck in.

Ditch going out for dinner or browsing round the shops for taking a walk, visiting the beach with a picnic, or holding a family DVD night.

Nowadays we're constantly striving for a bigger TV, a flashier car and a better kitchen. Generations ago people never considered that they would ever be able to afford bigger, flashier and better, so they got on with the business of enjoying what they had.

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