Ford Money to launch ISA and savings account
Ford Money will launch a savings account and cash ISA on 22nd May, a month after launching its UK savings bank.
Both products will offer 4% interest for the first 12 months and will be available for all savers, not only existing Ford Money account holders.
Ford said account holders can save between £25 and £250 each month over the 12 month period, and will not be penalised for varying the amount they save each month.
At the end of the 12 months, savers will have the option to transfer their money to other Ford Money products.
If no option is chosen, regular saver accounts will become flexible saver accounts at 1% interest, and balances from regular saver cash ISAs will be oved to flexible cash ISAs at 0.9% interest.
Julian Hynd, chief deposits officer of Ford Credit Europe, said: “Ford Money is underpinned by our promise to offer fair and competitive products for savers, so it was important for us to ensure these products are open to all savers without the need to have an existing account to receive preferential rates.”