With the Base Rate resting at a 14-year high of five percent, banks and building societies are growing increasingly competitive with interest rates across savings products.
Ford Money announced it has boosted the rates across four savings and ISA products this week to ensure customers are benefiting from the most “competitive accounts possible”.
The accounts to offer a higher rate of return include Ford Money’s Fixed Cash ISA One Year, Two Year, and Three Year products, as well as the Flexible Saver.
Ford Money commented: “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.”
Fixed Cash ISA One Year – 4.75 percent
Ford Money’s Fixed Cash ISA One Year is now offering an Annual Equivalent Rate (AER) of 4.75 percent, up from 4.4 percent.
Cash ISAs come with additional benefits, such as enabling savers’ money to grow without having to pay tax on the interest above the Personal Savings Allowance (PSA). ISAs that offer a fixed rate of interest work well for longer-term savers, as it means the bank or building society can’t change the rate until the end of the term.
The account can be opened with a minimum deposit of £500 and interest is paid. Account closure, withdrawals and transfers-out are permitted, however, a charge equal to 90 days’ gross interest on the amount cashed in will be applied.
Fixed Cash ISA Two Year – 4.85 percent
Ford Money’s Fixed Cash ISA One Year is now offering an AER of 4.85 percent, up from 4.5 percent.
The account can be opened with a minimum deposit of £500 and interest is paid. Account closure, withdrawals and transfers-out are permitted, however, a charge equal to 180 days’ gross interest on the amount cashed in will be applied.
Fixed Cash ISA Three Year – 4.85 percent
Ford Money’s Fixed Cash ISA One Year is now offering an AER of 4.85 percent, up from 4.55 percent.
The account can be opened with a minimum deposit of £500 and interest is paid. Account closure, withdrawals and transfers-out are permitted, however, a charge equal to 270 days’ gross interest on the amount cashed in will be applied.
Flexible Saver – 4.05 percent
Ford Money’s Fixed Cash ISA One Year is now offering an AER of 4.05 percent, up from 3.91 percent.
The account can be opened with a minimum deposit of £1 and interest can be paid monthly or annually. Withdrawals can be made online at any time to a nominated account or by transfer to another Ford Money savings account.
