Ford Money

Ford Money, the online savings brand of FCE Bank

Ford Money is an online savings brand that operates as a trading style of FCE Bank plc, an entity authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Firm Reference Number 204469. The company is registered in England and Wales under number 772784. The site states it is intended for UK residents aged 16 and over, unless otherwise stated.

The proposition is based on savings accounts that can be opened online, with consistent rates, transparent products and the backing of the Ford brand, according to the entity's own presentation. The site states that more than 130,000 savers trust Ford Money and that the company received the Moneycomms Savings Provider Of The Year and Moneynet Best 'No Strings' Savings Provider awards in 2022.

Savings account range

The range shown on the site is organised around flexible and fixed savings accounts, as well as Cash ISA accounts. Common features include the Best Rate Guarantee, the option to have interest paid monthly or annually, and the ability to open multiple accounts, including joint accounts.

• Fixed Saver 1 Year: fixed rate of 4.60%, with Best Rate Guarantee, monthly or annual interest payment and the option to open multiple accounts, including joint accounts.
• Fixed Saver 2 Years: fixed rate of 4.65%, with the same guarantee, interest payment and multiple account opening conditions.
• Fixed Saver 3 Years: fixed rate of 4.70%, with Best Rate Guarantee, monthly or annual interest payment and the option to open multiple accounts.
• Fixed Cash ISA 1 Year: fixed, tax-free rate of 4.00%, with Best Rate Guarantee, monthly or annual interest payment and the option to transfer in other ISA holdings.
• Fixed Cash ISA 2 Years: fixed, tax-free rate of 4.10%, with the same guarantee, interest payment and ISA transfer conditions.
• Fixed Cash ISA 3 Years: fixed, tax-free rate of 4.15%, with Best Rate Guarantee, monthly or annual interest payment and the option to transfer in other ISA holdings.
• Flexible Cash ISA: tax-free rate of 3.99% (Annual Variable AER), open with just £1, flexible access to your savings, Best Rate Guarantee and the option to transfer in other ISA holdings.
• Flexible Saver: gross rate of 3.99% (Annual Variable AER), open with just £1, Best Rate Guarantee and easy access to your money whenever you need it.
• Step Up Saver: variable interest rate of 4.75%, start with just £25 a month, enjoy a fixed rate of interest for 12 months and flexibility to access your savings when you need it.

Application and management process

The entity describes a three-step application process: choose the product that best fits your financial goals, complete the application with the required details and review the terms and conditions before submitting it, and make your first deposit once the account is approved. The site states that opening can be completed in minutes and that ongoing management is done online, with near-instant access to your money when needed, according to the testimonials collected.

Deposit protection and rate guarantee

Ford Money states that savings are protected by the Financial Services Compensation Scheme (FSCS) and backed by the Ford brand. The entity indicates that the FSCS protection limit has increased and refers to its website for more information. Likewise, the Best Rate Guarantee is presented as a commitment under which, for variable rate products, the customer always receives the same rate as new customers on comparable products, and for fixed rate products, the rate shown at the time of application or a higher one if the entity increases the product rate before the first deposit.

Customer service and community

The company states it offers telephone support with advisers, not bots, available seven days a week, and describes a prompt service without confusing jargon. It also mentions an online community with invite-only events and support for those on their savings journey. The customer testimonials collected on the site highlight the speed of telephone responses, the clarity of information, the ease of online management and the prompt rate increases when the Bank of England raises them.

Glossary and relevant conditions

The site includes a glossary of common savings terms. It defines gross rate as the annual interest before tax; tax-free as exempt from UK income tax, subject to each customer's personal circumstances and possible future changes; AER as the Annual Equivalent Rate, which shows what the interest rate would be if interest were paid and added to your account each year; and Term Breakage Charge as a charge or loss of interest applied if you make a withdrawal from a Fixed ISA product.

Company details and contact

Ford Money is a trading style of FCE Bank plc, registered in England and Wales under number 772784 with registered address at Arterial Road, Laindon, Essex, England, SS15 6EE. The entity warns that this address should not be used for customer servicing and refers to its contact page for other ways to get in touch. The help email provided is help@fordmoney.co.uk. The firm operates with the telephone numbers 0800 111 6768 and 0345 266 1231, and the site also includes the number 0800 111 6768 as a way to confirm registration on the Financial Services Register or contact the FCA.

Arterial Road, Laindon, Essex, England, SS15 6EE