Ford Money Savings Review

Jo Thornhill
Editor

Published: May 22, 2023, 3:22pm

Laura Howard
Editor

Reviewed By

Important Disclosure: The content provided does not consider your particular circumstances and does not constitute personal advice. Some of the products promoted are from our affiliate partners from whom we receive compensation.

If you require any personal advice, please seek such advice from an independently qualified financial advisor. While we aim to feature some of the best products available, this does not include all available products from across the market. Although the information provided is believed to be accurate at the date of publication, you should always check with the product provider to ensure that information provided is the most up to date.

Ford Money is offering solid interest rates on its savings accounts – although none are market-leading at the time of writing. Savings accounts can be managed online and through the app – but there’s also a UK-based call centre.

The ISA accepts transfers in from ISA accounts held with other providers, which is a bonus for those looking for better rates on their ISA cash.

Pros

  • Competitive rates
  • Joint accounts available
  • FSCS protection
  • Accepts ISA transfers

Cons

  • Rates slightly lower than best buys
  • Online only
Ford Money
4.0
Our star ratings are based on a range of criteria and are determined solely by our editorial team.
Accounts
Fixed rate savers, flexible savers and cash ISAs
Rates
Up to 4.80%
Protection
£85,000 per person under FSCS

Table of Contents

Show more Show less

Ford Money at a glance

Ford Money is the financial subsidiary of the Ford Motor Company. It was established in 2017 and now offers a range of online savings products to UK customers, including fixed rate bonds and cash ISAs.

Ford Money’s savings accounts are available to UK residents with a UK bank account over the age of 16.

Ford Money savings range

Here’s a round-up of the available savings deals at Ford Money.

  • Flexible Saver: An easy access account with a variable interest rate. Deposit and withdraw your funds as and when required without penalty. Open with just £1. Maximum savings permitted is £2 million. Gross savings rate of 3.75% AER (Annual Equivalent Rate). Interest can be paid monthly or annually
  • Fixed Saver: Fixed rate savings account or bond. Choose to fix for one, two or three-years. Minimum deposit is £500, maximum is £2 million. The gross fixed rate is 4.80% AER. This rate is the same for one, two or three years. Make unlimited deposits (up to the allowed maximum) in the first 21 days. No withdrawals permitted until maturity. Choose to have interest paid monthly or annually
  • Flexible Cash ISA: An easy access tax-efficient ISA which you can open from £1. Deposit and withdraw funds at any time. Maximum ISA allowance is £20,000 per person per tax year. Transfers from other ISAs are accepted. Interest can be paid monthly or annually. The gross AER is 3.50%
  • Fixed Cash ISA: A fixed rate tax-efficient ISA – available over one, two or three years. The minimum deposit is £500. Interest can be paid monthly or annually. No withdrawals are permitted during the fixed rate term. Gross AER is 4.1% fixed (one year), 4.15% fixed (two years) or 4.20% fixed for three years.

Ford Money savings benefits

Ford Money says its online accounts are quick and easy to open. Customers can  manage their account online or through an app. There is also a UK-based call centre, open seven days a week, to help with customer service issues.

Among other benefits Ford offers joint savings accounts (you cannot have a joint cash ISA due to the personal tax benefits of the account).

The interest rates, while not market leading, are competitive and offer decent returns on cash savings.

Ford Money is part of FCE Bank, which is fully authorised and regulated by the Financial Conduct Authority. This means customers’ savings are protected under the Financial Service Compensation Scheme.

Is Ford Money savings the right choice?

If you’re looking for a solid savings account choice from a well-known brand and you’re happy to manage your money online, then the Ford Money savings range could be an option worth considering. But currently, its rates can be beaten elsewhere.

The provider’s ISAs accept transfers in from other ISA accounts so this could be useful as not all top-paying cash ISAs accept transfers.

Anyone over the age of 16 who is a UK resident and has a bank account can open a Ford Money account. Ford Money says accounts can be opened online in just 10 minutes.

Accounts can also be conveniently managed 24/7 either online or via the Ford app.

Our Guides To Savings
Our Guides To ISAs
Reviews
Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.

Forbes adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
Jo Thornhill Editor

I am passionate about personal finance issues and helping consumers navigate the world of insurance, credit, savings and pensions. I have been a money journalist for almost two decades, including ten years on the award-winning personal finance desk at the Mail on Sunday.

Laura Howard Editor

I've been involved in personal finance and property journalism for the past 20 years, editing websites and writing for national newspapers. My objective has always been to offer no-nonsense information to readers that either saves or earns them cash.

More from   Advisor