MSE News: Car giant Ford gears up to launch market-leading regular savings

[Deleted User]

Due to being away from home, I have missed out on opening the Ford RS ISA.

One thing which troubled me about it was that, due to the first possible date of deposit being 22 May 2017, a deposit would have to be made on (or after) 22 April 2018 (the account requires a montlhy deposit of between £25 and £250). This means that you would not be able to open an ISA with a different provider for tax year 18/19, as well as 17/18.

Am I wrong about that?

YorkshireBoy

Deleted_User wrote: »

Due to being away from home, I have missed out on opening the Ford RS ISA.

One thing which troubled me about it was that, due to the first possible date of deposit being 22 May 2017, a deposit would have to be made on (or after) 22 April 2018 (the account requires a montlhy deposit of between £25 and £250). This means that you would not be able to open an ISA with a different provider for tax year 18/19, as well as 17/18.

Am I wrong about that?

Yes. It doesn't require a deposit every month. And there's a workaround for your last payment if you wanted to make it. Discussed several times over recent pages, but in a nutshell if you really do want to cram another £250 in, just open another ISA with them next March, deposit £250, and make a 'transfer' to the Reg Saver ISA in the next year, rather than a 'subscription'.

EachPenny

Deleted_User wrote: »

Are we not due Issue 2 of the Virgin Money MUFC Matchday Regular Saver? :cool:

I did ask the last time I was in a store. The staff, who may not know of course, felt that the MUFC tie-up might be focused on other products in future, rather than RS accounts. But we can keep our fingers crossed.

isasmurf

EachPenny wrote: »

Guess it is back to wondering when the next tempting offer will come out...

Over to the other challenger banks.... Come on Aldermore, Atom, Charter, Paragon, Shawbrook what you got to offer us?

EachPenny

isasmurf wrote: »

Over to the other challenger banks.... Come on Aldermore, Atom, Charter, Paragon, Shawbrook what you got to offer us?

More to the point... come on Barclays, Lloyds, Natwest, etc.... are you just going to let these newcomers take your customers away?

nbinblack

Ford Regular Saver ISA sold out now too

Speculator

nbinblack wrote: »

Ford Regular Saver ISA sold out now too

It sold out just before midday.

[Deleted User]

I can't understand why Ford Money launched these accounts, with all the fanfare in advance, only for the RS to sell out within 12 hours and the ISA RS to sell out in less than 48 hours. Waste of time. Poor advert for the savings industry. A miscalculation. To say nothing of the shambles of the T and Cs. Not impressive.

EachPenny

Deleted_User wrote: »

...with all the fanfare in advance...

That, in a nutshell, is the reason why. How many people had heard of Ford Money a couple of weeks ago, and how many today? How many will be waiting for issue 2 to come out and will snap it up, even if the interest rate is only 2%?

The only thing I can't explain is why Ford aren't out there hyping up the rapid sell out as proof that Ford are now a 'big name' in banking. The media quote from a Ford Exec I posted earlier in the day was positive, but hardly making the most of what could be a real coup for them.

This is why I think Ford will be treading very carefully when it comes to the multiple account issue - if they take a heavy handed approach all their good news coverage will be trashed. There are only a handful of people who will be celebrating if customers have their accounts closed - everybody else will look at it and think they are being a tad unfair if the T&C's really weren't that clear. The emails posted earlier today clearly show some thought processes going on behind the scenes.

veryintrigued

veryintrigued wrote: »

https://forums.moneysavingexpert.com/discussion/5652204

Apologies SS2 I tried!

My T&Cs maybe weren't clear enough!