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



Updated on 22 May 2017

The motoring giant has added a regular saver and a regular saver Cash ISA to its range of savings products, and they both pay out 4%. How do they compare to the competition?

Who is Ford Money?

Ford Money has launched a new regular saver ISA and regular saver account to its range, both paying 4%.

Savers can stash between £25 and £250 every month, but the accounts are only available for a limited time, so get in quickly if you want one.

The motoring behemoth 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 take a look at the new regular savings accounts as well as the other savings accounts and Cash ISAs that are on offer.

Compare more savings products with loveMONEY

Regular saver ISA and regular saver account

With the Regular Saver Cash ISA you can save between £25 and £250 a month for 12 months, up to £3,000 in total. That means you could earn £55.62 on the maximum balance of £3,000. And unlike other accounts, you won't be penalised if you don't make a deposit each month.

It beats its nearest rival from the Nottingham Building Society by quite some way. The Starter ISA Issue 7 has an interest rate of 2.25% on deposits from £10. It's a bit trickier to get going as you have to set up an account in-branch. 

The Regular Saver account is practically the same, except that your money is locked away for the term.

It might not be worth the switch though. Existing customers of the following banks can get a 5% return on regular savings accounts:

Here's how the Regular Saver compares to other regular savings accounts for new customers.

Account

AER

Minimum deposit

Access

Ford Money Regular Saver

4.00%

£25

Online, phone

Saffron Building Society 12 Month Fixed Rate Regular Saver (Iss 3)

3.50%

£10

Branch, post

Kent Reliance Regular Savings Issue 3

3.00%

£25

Branch

Santander Regular eSaver Issue 5

2.50%

£0

Online, branch

Chorley & District Building Society 12 Month Regular Saver Bond

2.50%

£0

Branch, post

 

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

RCI Bank Freedom Savings Account

1.10%

£100

Online

Britannia Select Access Saver 7

1.10%

£500

Online, branch, post

Shawbrook Bank Easy Access - Issue 9 

1.05% £1,000 Online

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

Ford Money Flexible Saver

1.00%

£1

Online, 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

The car firm is sitting comfortably in the best buys but is thrashed by car-making rival RCI (launched by Renault) which takes the top spot with its Freedom Savings Account.

Two-year fixed-rate ISA

Ford’s two-year ISA offering is fairly decent too. Here’s how the top deals compare.

Account

AER

Minimum deposit

Access

Britannia Fixed Rate Cash ISA - 28/06/2019      

1.25% 5,000 Online, branch, phone

Bank of Cyprus UK Fixed Rate Cash ISA

1.23%

£500

Online

Virgin Money Fixed Rate Cash E-ISA Issue 240

1.21%

£1

Online

Paragon Bank 2 Year Fixed Rate Cash ISA

1.20% £500 Online

Aldermore 2 Year Fixed Rate Cash ISA

1.20%

£1,000

Online

Shawbrook Bank 2 Year Fixed Rate Cash ISA Bond Issue 18

1.20%

£5,000

Online

Ford Money Fixed Cash ISA 2 Year

1.16% £500 Online, phone

Leeds Building Society 2 Year Fixed Rate ISA Issue 89

1.16%

£100

Online, branch, post 

Newcastle Building Society Two Year Fixed Rate ISA (Issue 20)

1.15%

£100

Online, branch

Furness Building Society 2 Year Fixed Rate Issue 126

1.15%

£1,000

Branch, post

Get a better deal by comparing Cash ISAs with loveMONEY

What about the other products?

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.

Its Fixed Saver One-Year account offers 1.40%, which is well below Al Rayan Bank's 1.61% expected profit rate.

The Fixed Saver Two-Year account is 1.60% but it pales in comparison to Al Rayan Bank which has a way better rate of 2.02%.

The Flexible Cash ISA is 0.90% which falls down in comparison to Hinckley & Rugby Building Society which offers a whopping 1.20%.

And the Fixed Cash ISA One-1 Year is 1.05%, falls behind the top dog, Al Rayan Bank, which has a 1.15% expected profit rate. 

Get a better deal by comparing more savings rates with loveMONEY

Fine print for fixed-rate

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 with loveMONEY

Do you have a question not answered here?

ASK IT IN OUR Q&A SECTION

Share the love