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Can Ford Money drive up savings rates?

Ford joins Renault to offer savings accounts and Isas

Can Ford Money drive up savings rates?

Car manufacturer Ford has ventured into the UK savings market with a promise to always keep its customers earning the best interest rate possible. 

Ford Money is the financial services arm of the British motoring brand, and has unveiled three cash Isas and three savings accounts.

While none of the rates on offer can compete with the account on top of the Which? Money Compare tables, customers who are tired of rate cuts and constant switching may still be tempted by the provider’s ‘Best Rate Guarantee’.

Details of the new accounts are included in the table below. For each account, we’ve included links to Which? Money Compare where you can find out more. We have excluded deals with certain qualifying conditions and restrictions on withdrawals.

UPDATE We have updated the table below to reflect rate increases on 28th April. 

Type of account Account offered by Ford Money  Account topping the Which? Money Compare tables
Instant-access cash Isa Flexible Cash Isa – 0.9% AER (was 0.8%) Post Office Online Isa Easy Access (Issue 10) – 1.01% AER (includes bonus)
Instant-access savings account Flexible Saver – 1% AER (was 0.85%) Yorkshire Building Society Single Access Saver  – 1.1% AER
One-year fixed-rate cash Isa Fixed Cash Isa – 1.05% AER (was 0.95%) Bank of Cyprus UK 1 Year Fixed Rate Cash Isa – 1.13% AER
One-year fixed-rate savings account Fixed Saver – 1.4% AER (was 1.32%) Charter Savings Bank 1 Year Fixed Rate Bond – 1.55% AER
Two-year fixed-rate cash Isa Fixed Cash Isa – 1.16% AER (was 1.1%) Paragon Bank 2 Year Fixed Rate Cash Isa – 1.26% AER
Two-year fixed-rate savings account Fixed Saver – 1.6% AER (was 1.5%) OakNorth Bank 24 Month Fixed Term Deposit – 1.71% AER

Which Money Compare table: savings and Isas – hundreds of accounts compared

What is Ford Money’s ‘Best Rate Guarantee’?

While Ford Money is not offering table-topping accounts, it told Which? Money it wants to offer customers peace of mind that they won’t be hit by rate-cutting tricks by offering a ‘Best Rate Guarantee’

Both new and existing customers in its instant-access accounts will earn the same interest rate. Ford won’t launch multiple issues of the same account.

For fixed-term savings products, savers will benefit if the account’s interest rate is increased after they signed up for the account but before the 14-day cooling-off period ends. Meanwhile, savers with the fixed-term cash Isas will get the either the rate they applied for or, if the rate has increased before they’ve made a deposit, the new, higher rate.

Ford Money’s Isas are flexible, which means customers can split their full Isa allowance across some or all of the accounts on offer.

Is it safe to keep my savings with non-banking brands?

Ford Money joins RCI Bank, the AA and many other non-traditional providers in the UK savings market.

Savers shouldn’t worry about moving their money away from traditional banks and building societies, as long as their savings are still protected by the UK Financial Services Compensation Scheme, or another compensation scheme.

Ford Money is covered by the UK’s compensation scheme.

RCI Bank, the financial arm of French motoring company Renault, offers a competitive instant-access savings account. Its Freedom Savings Account pays 1.1% AER and up to 100,000 Euros will be covered by the French deposit guarantee scheme.

The AA Member Saver account offers instant-access and pays 1% AER, although it’s only available to AA members. Up to £85,000 of your savings with this provider is protected by the FSCS.

The Which? Money Compare savings and Isa tables let you search hundreds of savings accounts and Isas from providers large and small based on quality of service as well as cost and benefits, so you can get a good idea of how satisfied existing customers are.

Which? Money Compare table: instant-access savings accounts – our tables are updated daily

Which? Limited is an Introducer Appointed Representative of Which? Financial Services Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which? Money Compare are trading names of Which? Financial Services Limited.

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