Ford Money is a trading name of FCE Bank plc, the finance subsidiary of the well-known Ford Motor Company.
FCE Bank plc has existed as part of the Ford Motor Company since 1963, when it was created under the name Ford Credit. In 1997 Ford Credit obtained its UK banking licence and became known as FCE Bank plc. In 2017 it launched into the savings market under the brand name Ford Money.
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. Check out our tables and compare the accounts Ford Money has to offer.
Easy access savings accountsFord Money's best easy access rate of 4.95% is significantly lower than today's market-best rate of 8%.
Cash ISAsFord Money's best cash ISA rate of 4.85% is slightly lower than today's market-best rate of 5.71%.
Fixed-rate bondsFord Money's best fixed-rate bond rate of 5.45% is very slightly lower than today's market-best rate of 5.8%.
Overview of Ford Money savings
|Savings account types include||Easy access, cash ISAs, fixed-rate bonds|
|Best easy access rate||4.95%|
|Best cash ISA rate||4.85%|
|Best fixed-rate bond rate||5.45%|
|Fixed bond terms||1 year|
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.
- 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
- 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.
- 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
|In-app or live chat|
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
More guides on Finder
The best stock trading apps and platforms in the UK
We’ve tested, analysed and scored trading apps to find the 10 best trading platforms in the UK, who they’re best for and the pros and cons.
How to buy Shein shares when it goes public
Everything we know about the Shein IPO, plus information on how to buy shares.
4 ways to teach your children about money at Christmas
Help your kids learn to budget, manage their money and save this festive season with these simple money lessons.
Robinhood share trading app set to launch in the UK
Robinhood is close to launching in the UK. Find out when it’s happening, what investments will be available on the commission-free trading app and how it plans to make money.
One week to go until FinTech Connect 2023
There’s one week to go until FinTech Connect 2023 returns to London on 6 and 7 December. Get 20% off your ticket with Finder.
What is the average credit card interest rate in the UK?
We look at the average APR on credit cards in the UK and how credit card interest rates have changed over time.
Interest inequality: Major UK banks lag behind global savings rates
Finder collaborated with the smart money app, Plum, to compare how easy access savings rates around the world compared with the local base rate.
How to buy OpenAI shares when it goes public
Everything we know about the OpenAI IPO, plus information on how to buy shares.