Regular Savings Accounts: The Best Currently Available List!

adindas

EachPenny wrote: »

Maybe that's what Ford meant about customers opening excessive numbers of accounts?

Ten accounts is ok, 400 is too much.

Ed-1 wrote: »

Except they couldn't as they'd have less than a year at 4% on some of the money if they still had to drip feed it in to each account. They'd get 4% on the lump sum from day one by spreading the lot over 400 accounts.

EachPenny wrote: »

Well as the T&C's don't actually say you cannot have more than one account then I guess the 'middle' position is no better or worse than having one, or 400.

On a slightly more serious note, I stopped clicking on 'Apply Now' when I felt the number of accounts met my 'reasonable' needs. 'Reasonable' has been a friend of mine on many occasions. Although I'm sure I wouldn't have to, if I had to make a complaint to the ombudsman I would feel happier being able to show the number of accounts I opened were for my reasonable needs.

Opening a very large number of accounts, each of which will only ever have the initial deposit of £25 in them, might be considered unreasonable. (because Ford would have to bear the costs of administering a large number of accounts and the customer could achieve the same benefit by having fewer accounts, each funded to the maximum)

But opening 400 accounts because you want to transfer in £100k sounds very reasonable to me

I wonder if anyone have opened 30+ of them (say?)
If so how many accounts did you manage to open without difficulties.
If this forum is not suitable pm will be very much appreciated.

Thanks

Steve_xx

spikyone wrote: »

Quick question on the Ford RS ISA - what do they count as a month? Is it a calendar month or a month anniversary from your initial deposit? Just checking for setting up the regular payment, couldn't see it in the Ts & Cs (but I might have just missed that bit!)

Neither. It's the month from opening the account. So, open one today and the month runs from 24 May to 23 June, regardless of when you decide to fund it.

isasmurf

Steve_xx wrote: »

Neither. It's the month from opening the account. So, open one today and the month runs from 24 May to 23 June, regardless of when you decide to fund it.

Incorrect. It's the anniversary month from when the initial deposit is received.

Steve_xx

isasmurf wrote: »

Incorrect. It's the anniversary month from when the initial deposit is received.

Is it? So, open one today and fund it, then fund again on 1st June?

EachPenny

adindas wrote: »

I wonder if anyone have opened 30+ of them (say?)
If so how many accounts did you manage to open without difficulties.
If this forum is not suitable pm will be very much appreciated.

For the time being I think that is information I would rather keep between myself and Ford Money, other than saying that as may be assumed from my posts, in my case the number is greater than one.

I would add that I had no difficulty in opening the accounts. For each one Ford have emailed me to say they are 'delighted that you´ve opened another account with us' and have speedily accepted and processed payments up to the monthly maximum.

I think it is also fair to say that other than some slight delays - which were to be expected in the circumstances - the service from Ford has been excellent and I have no hesitation in recommending them as a savings provider. I look forward to issue 2 Regular Savers going on sale.

gingercordial

Steve_xx wrote: »

Is it? So, open one today and fund it, then fund again on 1st June?

No. Open one today and fund it today (24 May) and the next deposit can be from 24 June.

Open one today and don't fund it until 30 May (you have 14 days to make the first deposit) and according to the T&Cs your next deposit can be from 30 June. Future months would then all start from 30th.

Essentially the date of your first deposit "locks in" the start date of each monthly period. That is at least how the T&Cs read.

There's no way of funding it in the remainder of May and also being allowed to make another payment on 1 June.

spikyone

Steve_xx wrote: »

Neither. It's the month from opening the account. So, open one today and the month runs from 24 May to 23 June, regardless of when you decide to fund it.

isasmurf wrote: »

Incorrect. It's the anniversary month from when the initial deposit is received.

:beer:
Thanks for the replies guys. Happy to know I'm not the only one who's confused! It will only make pennies of difference either way, so I'll set the SO for a month after the first deposit is showing as received - the main thing is knowing it's not a calendar month.

Nationwide8

Nationwide8 wrote: »

Just checked accounts and the Maturity date on both has changed to 23rd .....which is the date the first deposits went in.

No reply yet if SO date of 23rd of each month is OK :question:

If it helps anyone

They have just answered saying that the next payments need to go in on or after the 23rd of a month...which is the date the first payment went in and maturity date NOT the date I opened accounts ( 22nd)
My SO are set up for the 23rd so I don't have to change with all the acc nos and ref nos cafuffle :cool:

Have to send off "proof of ownership" of my nominated account though,maybe because I changed it from the original account I'd nominated :question:
They have only just told me this two days after I changed the nom acc details online with them.

They will only takes payments in/out via your nominated account

EachPenny

Ford Money pulls 4% regular saver following huge demand

http://moneywise.co.uk/news/2017-05-24/ford-money-pulls-4-regular-saver-following-huge-demand

A spokesperson for Ford Money described the accounts as “terrifically popular”. The firm expects to launch new products later in the year, although the interest rates will depend on market conditions at the time.

Well they seem happy enough too.

adindas

EachPenny wrote: »

For the time being I think that is information I would rather keep between myself and Ford Money, other than saying that as may be assumed from my posts, in my case the number is greater than one.

I would add that I had no difficulty in opening the accounts. For each one Ford have emailed me to say they are 'delighted that you´ve opened another account with us' and have speedily accepted and processed payments up to the monthly maximum.

I think it is also fair to say that other than some slight delays - which were to be expected in the circumstances - the service from Ford has been excellent and I have no hesitation in recommending them as a savings provider. I look forward to issue 2 Regular Savers going on sale.

I just checked it a few minutes ago. All of my account are already open and ready to accept funding but they do not allow me to add a new RSA, so the question is not relevant anymore.