Ford forays into UK consumer savings market

11 Apr 2017

Ford is entering the UK consumer savings market with the launch of a new range of "fair and consistent" products.

Savers can expect "excellent" customer service at fair rates and straightforward products, Ford Motor Company's financial services business had promised.

The services on offer from Ford Money would be available online and by telephone.

The provider added that it would not be offering short-term bonus rates to attract new customers at the expense of existing customers.

A "best rate guarantee" offered by Ford Money across variable rate products meant existing customers would not be worse off than new customers on like-for-like products.

On fixed rate products, customers would receive the interest rate shown at the time they applied. If the product rate increased before the initial deposit was made, they would receive the higher interest rate.

There had been concerns in recent years regarding some savings providers leaving long-term customers in "zombie" accounts paying paltry rates when an initial bonus period came to an end.

The deals available from Ford Money included a flexible cash individual savings account (Isa) with a variable rate of 0.8 per cent, a one-year fixed cash ISA with a rate of 0.95 per cent and a two-year fixed cash ISA, which paid 1.1 per cent annually.

After launching in the US in 1959, Ford Credit opened shop in the UK in 1963. Ford Credit had until now focused on providing support for Ford's car business. However, it was now moving into more mainstream financial products, using its "trusted brand" to win over consumers.

Julian Hynd, chief deposits officer at Ford Credit Europe, said: "Savers are looking for competitive and fair savings products. That's why we created a range of savings products and ISAs that are easy to open, simple to manage and secure, City AM reported.

''Launching Ford Money is an exciting new chapter for the Ford brand. More importantly, it will help savers make their money work harder – now and in the future.''