Ford Money savings review

Ford Money offers a broad range of savings accounts with interest rates up to 5%.

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Ford Money

Ford Money is a trading name of FCE Bank plc, the finance subsidiary of the well-known Ford Motor Company. Now Ford Money offers a range of savings products and ISAs that are designed to be easy to open and manage, and that offer competitive rates.

Ford Money's top savings rate of 5% is available on one of its fixed-rate bond accounts.

Easy access savings accounts

Table: sorted by interest rate
Ford Money's best easy access rate of 4.6% is significantly lower than today's market-best rate of 7.49%.
1 - 4 of 4
Name Product Account type Withdrawals Min. opening balance Interest rate Deposit protection Open via Incentive Apply link
Ford Money – Flexible Saver
Variable
Instant access
£1
4.6% AER variable
FSCS logo
protected
Open via: website
Go to site
View details
Ford Money – Flexible Saver
Variable
Instant access
£1
4.6% AER variable
FSCS logo
protected
Open via: website
Go to site
View details
Ford Money – Flexible Cash ISA
Cash ISA
Instant access
£1
4.4% AER variable
FSCS logo
protected
Open via: website
Go to site
View details
Ford Money – Flexible Cash ISA
Cash ISA
Instant access
£1
4.4% AER variable
FSCS logo
protected
Open via: website
Go to site
View details
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Cash ISAs

Table: sorted by interest rate
Ford Money's best cash ISA rate of 4.6% is very slightly lower than today's market-best rate of 5.1%.
1 - 5 of 6
Name Product Interest rate Minimum investment Interest paid Withdrawals Deposit protection Open via Incentive Table product description Apply link
Ford Money – Fixed Cash ISA 1 Year
4.6% AER fixed for 1 year
£500
Anniversary of account opening
Instant access (charge applies )
FSCS logo
protected
Open via: website
Go to site
View details
Ford Money – Fixed Cash ISA 1 Year
4.6% AER fixed for 1 year
£500
Monthly
Instant access (charge applies )
FSCS logo
protected
Open via: website
Go to site
View details
Ford Money – Fixed Cash ISA 2 Year
4.5% AER fixed for 2 years
£500
Anniversary of account opening
Instant access (charge applies )
FSCS logo
protected
Open via: website
Go to site
View details
Ford Money – Fixed Cash ISA 2 Year
4.5% AER fixed for 2 years
£500
Monthly
Instant access (charge applies )
FSCS logo
protected
Open via: website
Go to site
View details
Ford Money – Flexible Cash ISA
4.4% AER variable
£1
Anniversary of account opening
Instant access
FSCS logo
protected
Open via: website
Go to site
View details
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Fixed-rate bonds

Table: sorted by interest rate
Ford Money's best fixed-rate bond rate of 5% is very slightly lower than today's market-best rate of 5.5%.
1 - 4 of 4
Name Product Interest rate Invest Interest paid Withdrawals Open via Deposit protection Open via Incentive Table product description Apply link
Ford Money – Fixed Saver 1 Year
5% AER fixed for 1 year
£500 - £2,000,000
Monthly
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website
Go to site
View details
Ford Money – Fixed Saver 1 Year
5% AER fixed for 1 year
£500 - £2,000,000
Anniversary of account opening
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website
Go to site
View details
Ford Money – Fixed Saver 2 Year
4.75% AER fixed for 2 years
£500 - £2,000,000
Anniversary of account opening
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website
Go to site
View details
Ford Money – Fixed Saver 2 Year
4.75% AER fixed for 2 years
£500 - £2,000,000
Monthly
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website
Go to site
View details
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Regular savings accounts

Table: sorted by interest rate
Ford Money's best regular savings account rate of 4.75% is significantly lower than today's market-best rate of 8%.
Name Product AER Save Withdrawal notice Interest paid Deposit protection Open via Incentive Apply link
Ford Money – Regular Saver
4.75% fixed for 1 year (on first £2,400)
£25 to £200 per month
1 year bond
On maturity
FSCS logo
protected
Open via: website
Go to site
View details
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What is Ford Money's best savings account with the highest interest rate?

The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.

Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts Ford Money offers, plus the highest interest rate currently available.

Savings account types include Easy access, cash ISAs, fixed-rate bonds, regular savers
Best easy access rate 4.6%
Best cash ISA rate 4.6%
Best fixed-rate bond rate 5%
Best regular saver rate 4.75%
Fixed bond terms 1 year - 2 years
Opening options Website
FSCS protection

Does Ford Money offer online or mobile banking?

Ford Money operates solely as an online bank and has no presence on the high street. There’s now a mobile app that allows customers to access their accounts via their smartphone.

Online banking

  • View transaction activity. For any type of account.
  • View pending transactions. Check payments you have recently made.
  • Transfer funds. Move your money to designated accounts quickly and easily.
  • View monthly statements. Stay on top of your finances with monthly statements.
  • Set a savings goal. Saving for something in particular? Track your progress with Ford Money’s savings goal feature.

Does Ford Money offer any student or graduate accounts?

No, the four types of account detailed above – which are all savings products – are the only accounts currently available through Ford Money.

Is it easy to switch to Ford Money?

Ford Money doesn’t offer current accounts – only savings accounts. Because of this you don’t really need to “switch”, you can keep your current account at your existing bank and open a new savings account at Ford Money within 10 minutes.

Decide which of the above account types is best for you and you can open one and transfer money from your current bank account quickly and easily.

Is Ford Money safe?

All eligible deposits made with Ford Money, up to a total of £85,000 per person, are protected by the Financial Services Compensation Scheme (FSCS). This is the same compensation scheme that many, if not all, of the major banks and building societies in the UK use, so you can rest assured that should anything go wrong, your money will be safe. Ford Money also uses encryption technology to keep your details and information protected.

How do I decide which account is for me?

Firstly, you need to decide what you’re looking for in a savings account. How often are you planning to draw out money? How much money can you afford to save each month?

You need to work out what you need before comparing the different offers available for certain types of savings accounts. Once you’ve done that, it’s useful to look at:

  • Interest rates
  • Fees (if there are any)
  • Access to cash (if you need quick access, for instance)
  • Rewards and loyalty schemes (if you’re into add-ons or switching bonuses)

Pros and cons of Ford Money

Pros

  • Online banking. Your Ford Money savings account can be accessed from anywhere using a browser or app.
  • Flexibility. Ford Money’s variety of accounts offer flexible options no matter what kind of savings you’re looking for.
  • Easily accessible. You can open a Ford savings account in under 10 minutes and the call centre is available 7 days a week.

Cons

  • Better rates elsewhere? Savings interest rates are pretty poor across the board currently, but you might be able to squeeze a slightly better rate from another provider, depending on what features you’re seeking.
  • No high street presence. The era of high street banking is giving way to a digital-only era, but if a high street presence is important to you then maybe Ford Money isn’t the way to go.

Customer service information for Ford Money

Email support
Telephone support
In-app or live chat
Contact form
Branch support

Ford Money reviews

The Ford Money app has around than 30 ratings on the App Store, receiving a score of 3.3 out of 5 stars. Over on the Google Play Store, it has under 70 reviews and a rating of 2.6 out of 5 stars.

Frequently asked questions

Savings ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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Written by

Charlie Barton

Charlie Barton was a publisher at Finder. He specialised in banking and investments products, including banking apps, current accounts, share-dealing platforms and stocks and shares ISAs. Charlie has a first-class degree from the London School of Economics, and in his spare time enjoys long walks on the beach. See full profile

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18 Responses

    Default Gravatar
    AlanSeptember 6, 2019

    How to I transfer a large amount from my Lloyds account to open an account with Ford money?

      AvatarFinder
      nikkiangcoSeptember 7, 2019Finder

      Hi Alan,

      Thanks for your inquiry.

      To transfer from your Lloyd’s account to Ford Mone, you must first open an account with Ford Money. Once you’ve opened your account you’ll need to make your initial deposit within 14 calendar days from the date Ford Money receives your application. Otherwise, if they don’t receive funds in this time they will need to close your account and you’ll have to reapply.

      Then you must choose a nominated bank account. Given that you have Lloyds bank as your nominated account (a nominated account is a personal UK Bank or Building Society current account) that must be used as the source account for depositing any money and will also be the destination account to which they will send any funds you withdraw from your Ford Money account. Certain products allow you to have your interest and, where applicable, maturing funds paid to this account too.

      You can make deposits from your Nominated Account via BACS, CHAPS or Faster Payment. Note that Ford Money don’t accept cheques. When making your deposit please use the following details:

      Beneficiary Name: Ford Money
      Our Sort Code: 20-32-53 (Note that the clearing bank we use is Barclays)
      Our Bank Account Number: 63604551
      Our Reference: Your seven-digit Ford Money account number then at least the first three letters of your surname.

      Note that if you wish to make an initial deposit immediately after your application has been accepted but before Ford Money has provided you with your Ford Money account number, you should instead quote your nine-digit temporary application reference number, followed by at least the first three letters of your surname.

      Don’t forget to contact Lloyd Bank and inquire how to deposit funds from Lloyd to another bank account.

      Hope this helps!

      Best,
      Nikki

    Default Gravatar
    WilliamFebruary 22, 2019

    Can I move my ISA to Ford Money nationwide?

      AvatarFinder
      JoshuaFebruary 24, 2019Finder

      Hi William,

      Thanks for getting in touch with Finder. I hope all is well with you. :)

      Yes, you can move your ISA to Ford Money. You can do so by directly getting in touch with Ford Money.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

    Default Gravatar
    DaveFebruary 5, 2019

    Can I have more than one fixed saver account?

      AvatarFinder
      CharisseFebruary 7, 2019Finder

      Hi Dave,

      Thanks for reaching out to finder.

      Yes, you can open multiple Fixed Saver accounts however, please note that your combined balances are subject to an overall maximum balance which is £2,000,000.

      I hope this helps.

      Cheers,
      Charisse

    Default Gravatar
    JamesNovember 12, 2018

    Is investment money held by Ford or is there a bank or building society behind them?

      AvatarFinder
      JoshuaNovember 25, 2018Finder

      Hi James,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      Ford Money is an online savings provider and it offers a wide range of savings products in the UK. Ford Credit obtained its UK banking licence and became known as FCE Bank plc. For this reason, they directly hold your money. Moreover, the Financial Services Compensation Scheme (FSCS) protects your investment.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

    Default Gravatar
    FrancisNovember 9, 2018

    Will you please advise the procedure for opening an account with Ford Money, and how is the sum invested actually provided. Would it be per Debit/Credit card, or would cheque be sent to Ford Money for the relevant sum being invested.

    With thanks,

    Francis

      AvatarFinder
      JoshuaNovember 20, 2018Finder

      Hi Francis,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      There are two ways for you to open a Ford Money account. It can be done through online or by phone. Click on the “Go to site” green button above this page. It should redirect you to the official website of Ford Money. Find the right product for you and simply follow the easy to follow the step-by-step instruction provided. You can also find their phone number on their website if you wish to open an account via phone call. Generally, the online application is faster than through the phone.

      Now, when it comes to depositing your money, you need to have a nominated bank account which could be a personal UK Bank or Building Society current account. The nominated bank account would serve as the source account for depositing any money with Ford Money and will also be the destination account to which they will send any funds you withdraw from your Ford Money account.

      You can learn more by visiting the website of Ford Money. There are instructions found in their “Help” page and the possibility of talking to them through the phone.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

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