Ford Money

shoshana1

frankiesowner said:

I share your concern. I applied for a 1 yr fixed ISA last weekend and have been trying to get in touch with them since.  Left many messages, which they don't reply to even though they state a 2 day response time, and got the same runaround on the phone as you report - even tho' the announcement is that there is a short queue. I haven't paid in much money yet but am getting an uneasy feeling about this provider.  I thought that with FSCS cover it might have some credibility, but I wonder now.

I opened an isa with them late April.  I used FCE as Beneficiary name.  all went through fine HOWEVER I intended to transfer £500 from a different ISA.  I tried calling them to ask if this could be done directly between the 2 ISA's.  I have tried calling them for the past week waiting more than an hour each time.  No joy. I have emailed and sent messages and tried to complain and no response. I have lost faith in this bank.  I have checked with the FCSC and they assured me that this bank are still trading and to be patient.  Even during these difficult times I have been able to contact every other business and financial institution including HMRC.  I have now closed this account online and hope that my money returns to my bank tomorrow as stated on their website.  I would not recommend  this bank and I think it should not be recommended on this website. 

eskbanker

shoshana1 said:
I would not recommend  this bank and I think it should not be recommended on this website.

It's not recommended on this website - it's mentioned in a factual article about products with the best rates, on a site where every page states "remember we focus on rates not service"....

moneyfoolish

Knitknot said:

Managed to get through to Ford Money on the phone today (5th day of trying and multiple times). Wait time was almost an hour. They confirmed the payee name as above. 

You did better than me! After 5 days of giving up after being on the phone for between 30 and 45 mins I bit the bullet today and finally managed to speak to them after over a 2 hour wait!

retiredbri45

Not an ISA but this may help:
Opened a Fixed Rate, 1 year saving account on 9 May. The website for this type of account (not ISA) says somewhere "Ford Money uses Barclays Bank with Sort code: 20-32-53; Bank account: 63604551. Customers then enter their account number given in the welcome pack.
My bank didn't accept "Ford Money" but allowed me to enter the details manually. I was happy about this having seen that the money was going to Barclays. Checked a short time later and Funds were in my account.
As for the Telephone Service, it is a insult. 
Hopes this helps  retiredbri

Miranda25

Hi everyone,
I am moving money from Nationwide to Ford Money. Nationwide rate 0.25%, Ford Money rate 1.25%. Can anybody tell me please at what point I will start to receive Ford's interest rate when money are in transit? When Ford Money requested a transfer from Nationwide or from a moment when money arrive into Ford's account? Let's say it would take 1 month to transfer money. What rate will I get that month? 
Thanks.

Shedman

Miranda25 said:

Hi everyone,
I am moving money from Nationwide to Ford Money. Nationwide rate 0.25%, Ford Money rate 1.25%. Can anybody tell me please at what point I will start to receive Ford's interest rate when money are in transit? When Ford Money requested a transfer from Nationwide or from a moment when money arrive into Ford's account? Let's say it would take 1 month to transfer money. What rate will I get that month? 
Thanks.

You'll get the interest from either the earlier of the date when the money is in the Ford Fixed ISA or from 16 working days after the transfer is initiated.

This is what it says in T&C s for the Fixed ISA 

..."Transfers from existing Cash ISAs usually take 15 business days. Your Ford Money Cash ISA will earn interest from the next business day (inclusive of the ISA transfer process) or from the date of receipt from your previous ISA provider, whichever is earlier."

When we did transfers from both Lloyd's and CoventryBS they both took less than 3 days.