If you can afford to lock your savings away for a year and you’re looking for a competitive annual or monthly interest rate, you might want to check out Ford Money’s Fixed Saver 1 Year Account.
A word of warning, though: you can’t access your money after the 14-day cooling off period until the term is over, so make sure you’re happy with the product and the applicable interest rate before applying.
What I like
If it’s a competitive fixed rate you’re after, I wouldn’t overlook the Ford Money Fixed Saver 1 Year account. Although you need a minimum deposit of £500, you can make as many deposits as you like within the first 14 days up to the £2,000,000 maximum, and it’s pretty quick to open an account.
There’s flexibility in how you manage your account, too. It’s up to you whether you open a joint or single account, and you can choose between monthly or annual interest payments.
What’s also great is that you can have more than one Ford Money Fixed Rate Savings Account on the go, which could be useful if you want to make further deposits in a few months’ time. Just be aware you can’t exceed the £2,000,000 maximum across all accounts, though.
While there’s no mobile app at the time of writing, the user-friendly online dashboard is designed to work on any device. So, you can easily access your account and manage your money whenever it suits, no matter what device you’re using.
Ford Money’s Best Rate Guarantee is also impressive. In short, you get a guaranteed interest rate at the time you apply for an account. However, if Ford Money can offer new customers an increased interest rate after you apply but before you make your first deposit, you’ll benefit from this better fixed rate.
What could be improved
Since it’s an online account, the lack of a mobile app is a little disappointing, but the dashboard is optimised to work well across your devices, at least.
There’s no live chat available, and the helpline isn’t 24/7, which means there’s room for improvement in the customer service side of things.
The initial £500 deposit isn’t accessible for everyone, either, so it’s not perhaps the best option for new savers.
And finally, unlike with Ford Money’s 1 Year Fixed Cash ISA, this product doesn’t come with any tax benefits. So, you’ll pay tax on any interest you earn. That said, the Fixed Saver 1 Year offers a better overall interest rate.
Tax treatment is dependent on the circumstances of each individual and may be subject to change in the future.
How does it stack up?
On the whole, Ford Money’s Fixed Saver 1 Year account is a solid option for anyone who knows they can afford to tie money up for at least 12 months while earning some interest on it. The competitive interest rates, and the flexibility around interest payments, makes it one of the stronger contenders out there right now.
You must be a UK resident aged 16 or over to apply for this account. At the time of writing, the account’s available to new customers.
How to apply
You can apply online or by telephone. It should only take a few minutes to complete your application.
Is Ford Money’s Fixed Saver 1 Year right for you?
If you’ve got at least £500 you can afford to sit tight on for a year or so, it might be an option for you. It’s easy to set up and manage your account, and the competitive interest rate means your money’s working for you.
That said, if you’re looking for tax-free savings opportunities, it’s not the right product for you. And, if you want to make deposits over a longer period of time, rather than just 14 days, you’ll find the Fixed Saver 1 Year too limiting.