Shortly after the automobile leader brought forth its first ever regular savings accounts programs recently, Ford Money dropped both its versions from the sale. The Ford Money organisation was giving a 4% rate, making it the best open-to-all products of its kind.
Because too many savers opened accounts at too fast of a pace, Ford Money says there are no plans to reopen applications in the near future.
“Terrifically popular,” a spokesperson for Ford Money termed the accounts, confirming that the company plans to bring forth different new savings accounts in late 2017. Interest rates will be subject what the market will bear, Ford said.
Having said this, Ford Motor’s great interest rate of 4% can be beaten by Santander, Nationwide, First Direct, HSBC, and M&S Bank. These financial concerns all provide a fixed interest rate for a year on regular savings.
The bad news here, however, is that savers must have a regular account with any of these banks, so many people will not qualify.
So, next up would be the Virgin Money Regular eSaver coming in with an interest rate of 2.25%.
One rule to keep in mind on a regular savings account is that you can only pay a limited amount every month. For example, Nationwide lets regular account savers deposit any amount from £1 all the way up to £500 per month.
Beyond Nationwide, Santander has a £1 and £200 per month savings range, with Virgin Money offering deposits within £25 and £250 each month. HSBC and M&S Bank weigh in at a deposit range of £1 and £250 each month. First Direct begins with £1 and goes up to £300 each month.