Nationwide have just reduced their ISA rate to .10%. My wife has an ISA with them so it looks like it will have to be moved.
Ford Money seem to be offering 1.35% on a 2 year fix which seems decent in the current situation. I have tried to find out if they share their FSCS with any other bank but so far I can't find any information.
Can anyone please throw any light on this? We've got money with other banks so I don't want to exceed the £85,000 limit.
If any posters know of a better rate please let me know.
Ford Money.
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- Lemon Half
- Posts: 5676
- Joined: November 21st, 2016, 4:26 pm
Re: Ford Money.
I wouldn't think so as I can't imagine they share any financial relationship with any other banking group, instead being ultimately part of Ford Motor Co.sg31 wrote:Nationwide have just reduced their ISA rate to .10%. My wife has an ISA with them so it looks like it will have to be moved.
Ford Money seem to be offering 1.35% on a 2 year fix which seems decent in the current situation. I have tried to find out if they share their FSCS with any other bank but so far I can't find any information.
Can anyone please throw any light on this? We've got money with other banks so I don't want to exceed the £85,000 limit.
If any posters know of a better rate please let me know.
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- Lemon Slice
- Posts: 601
- Joined: November 4th, 2016, 6:49 pm
Re: Ford Money.
If you want a 'real' bank, The Post Office have the same 2 year fix at 1.35%, or 1.3% for 1 year. We've just opened an account with no problems. The account is held with the Bank of Ireland, so it depends if you exceed the £85k limit with them.
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- Lemon Half
- Posts: 6209
- Joined: November 4th, 2016, 11:24 am
Re: Ford Money.
Not really, considering you can get 1.6% for 1 year fixed and 1.65% for 2 years.sg31 wrote:Ford Money seem to be offering 1.35% on a 2 year fix which seems decent in the current situation.
https://www.moneysavingexpert.com/savin ... xedsavings
https://www.moneysavingexpert.com/savin ... ings/#tool says they don't.sg31 wrote:I have tried to find out if they share their FSCS with any other bank but so far I can't find any information.
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- Lemon Half
- Posts: 7479
- Joined: November 4th, 2016, 6:11 pm
Re: Ford Money.
They're not ISAs though.mc2fool wrote:Not really, considering you can get 1.6% for 1 year fixed and 1.65% for 2 years.sg31 wrote:Ford Money seem to be offering 1.35% on a 2 year fix which seems decent in the current situation.
https://www.moneysavingexpert.com/savin ... xedsavings
It might make sense to move money out of an ISA if there's no danger of the interest being taxed, but it's something you have to think about.
Scott.
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- Lemon Half
- Posts: 6209
- Joined: November 4th, 2016, 11:24 am
Re: Ford Money.
Good pointswill453 wrote:They're not ISAs though.mc2fool wrote: Not really, considering you can get 1.6% for 1 year fixed and 1.65% for 2 years.
https://www.moneysavingexpert.com/savin ... xedsavings
![Very Happy :D](./images/smilies/icon_e_biggrin.gif)
(Why are ISA rates so much less than non-ISA? Esp. now that most people won't pay any tax on their interest anyway)
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- Lemon Half
- Posts: 5676
- Joined: November 21st, 2016, 4:26 pm
Re: Ford Money.
Because they are provided by banks, and the cost to the bank of providing them is higher.mc2fool wrote:
(Why are ISA rates so much less than non-ISA? Esp. now that most people won't pay any tax on their interest anyway)
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- Lemon Half
- Posts: 6209
- Joined: November 4th, 2016, 11:24 am
Re: Ford Money.
Then why doesn't that also apply to instant access accounts too? Instant access ISAs offer (marginally) better rates than instant access non-ISA accounts.dealtn wrote:Because they are provided by banks, and the cost to the bank of providing them is higher.mc2fool wrote: (Why are ISA rates so much less than non-ISA? Esp. now that most people won't pay any tax on their interest anyway)
https://www.moneysavingexpert.com/savin ... easyaccess
https://www.moneysavingexpert.com/savin ... a/#topeasy
Even from the same bank:
https://www.shawbrook.co.uk/direct/savi ... -accounts/ Easy Access non ISA 1.15%
https://www.shawbrook.co.uk/direct/savi ... -accounts/ Easy Access ISA 1.25%
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- Lemon Half
- Posts: 5676
- Joined: November 21st, 2016, 4:26 pm
Re: Ford Money.
Because instant access ISAs are "stickier" than instant access non-ISA accounts. In effect they act as longer term money than ordinary savings accounts. They are rewarded as such, and also have the benefit, to the bank, of being cheaper to administer as a result.mc2fool wrote:Then why doesn't that also apply to instant access accounts too? Instant access ISAs offer (marginally) better rates than instant access non-ISA accounts.dealtn wrote: Because they are provided by banks, and the cost to the bank of providing them is higher.
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- Lemon Quarter
- Posts: 1549
- Joined: November 4th, 2016, 11:35 am
Re: Ford Money.
Thank you for the replies. I used Money Supermarket as a quick reference tool and they showed Ford Money as the top deal. I'll have a look at the other options. We are already up to the limit with Shawbrook but the others look promising.
I must admit I've lost touch with the market, there are a lot of names I don't recognise.
I usually do a review of our savings when I do our tax returns. That might well be next week if we get a few wet days
I must admit I've lost touch with the market, there are a lot of names I don't recognise.
I usually do a review of our savings when I do our tax returns. That might well be next week if we get a few wet days