Ford Money raises interest on two savings accounts to more ‘competitive’ rates

Ford Money has increased the interest rates across two flexible savings products to ensure customers benefit from the most “competitive” accounts.

The accounts to offer a higher rate of return include Ford Money’s Flexible Saver and Flexible Cash ISA, now boasting rates of 4.5 percent and 4.1 percent, respectively.

Commenting on the new deals, Ford Money said: “We have taken this action as part of our routine practice of regularly reviewing our product portfolio and positioning within the wider savings market, as well as our current deposit-taking needs.       

“All changes at Ford Money are made to ensure we’re offering customers the most appropriate and competitive accounts possible at any given time in the market.”     

The new interest rates became effective on Thursday, July 27 and apply to new and existing customers.

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Flexible Saver – 4.5 percent

Ford Money’s Flexible Saver is now offering an Annual Equivalent Rate (AER) of 4.5 percent, up from 4.35 percent.

The Flexible Saver is an easy-access account that allows people to put money in and move it out as often as they like. These kinds of accounts typically have a variable interest rate, which means they can change over time.

The account can only be opened online with a minimum deposit of £1 and interest is calculated daily and can be paid monthly or annually. Savers must be aged 16 or over and up to £2million can be invested overall.

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People can hold an account jointly with one other person or solely, and savers must be comfortable accessing and managing the account online. Withdrawals are permitted at any time without penalty.

Flexible Cash ISA – 4.1 percent

Ford Money’s Flexible Cash ISA is now offering an AER of 4.1 percent, up from four percent.

Cash ISAs come with a number of additional benefits, such as enabling savers’ money to grow without having to pay tax on the interest above the Personal Savings Allowance (PSA).

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Similar to Ford Money’s Flexible Saver, its Flexible Cash ISA is an easy-access ISA account that allows people to put money in and withdraw it when they need to. It also has a variable interest rate, which means it can change over time.

The account can be opened by those aged 16 or over with a minimum deposit of £1. Interest is calculated daily and can be paid monthly or annually.

The account can only be launched online, up to £2million can be invested, and people can move money out or transfer it to another ISA without losing interest earned.

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