The Top Fixed Interest Savings Discussion Area

becky_rtw

Does anyone know how Ford money pay their monthly income bond? It had quite a long fund window, but while our others have paid out already (stream bank paid a half month and hodge a full month but later), we don't seem to have had anything from Ford yet. I was expecting payment one month from opening.

Ideally I wanted all the payments to be around the same time of the month but guess that's too much to ask for. 

BooJewels

I opened a Ford fixed rate saver with monthly interest - and funded it at the time, as the money was in my Ford Flex account ready - on 12th September and got interest paid each on 12th October and the same this month - into the Flex saver.

SickGroove

Get fixing now people!

4justice2

becky_rtw said:

Does anyone know how Ford money pay their monthly income bond? It had quite a long fund window, but while our others have paid out already (stream bank paid a half month and hodge a full month but later), we don't seem to have had anything from Ford yet. I was expecting payment one month from opening.

Ideally I wanted all the payments to be around the same time of the month but guess that's too much to ask for. 

I think the interest is paid a month after the first deposit, not a month after opening. Did you deposit on the same day you opened the account?

becky_rtw

4justice2 said:

becky_rtw said:

Does anyone know how Ford money pay their monthly income bond? It had quite a long fund window, but while our others have paid out already (stream bank paid a half month and hodge a full month but later), we don't seem to have had anything from Ford yet. I was expecting payment one month from opening.

Ideally I wanted all the payments to be around the same time of the month but guess that's too much to ask for. 

I think the interest is paid a month after the first deposit, not a month after opening. Did you deposit on the same day you opened the account?

No I didn't, but I was working on the funded date. Looks like it's gone out today, but will arrive tomorrow or later today. 

I've checked the details and it's going to the right account, so hopefully just a day later than I thought. 

Thanks for the help as always fixies 😎

refluxer

I can confirm that, when paying monthly interest into the same fixed rate account, Ford pay it on the same date in the month that the first deposit was made so the same will apply when having the interest paid away, although it's possible that it might appear late in the day or the next day as payments in and out of Ford Money accounts aren't instant and it's also possible that an interest payment due over the weekend may not be processed until the Monday morning.

DavidAC

Anyone have experience of JN Bank?

happybagger

Only regarding the opening process, all smooth and fast, and allows 11 deposits within 14 day window. Doesn't require a smartphone (for those that find this of interest)

Given the debate over interest payments, worth pointing out the JN Bank ONLY credit interest back to the bond annually - it can not be paid out or accessed before maturity (but it does compound). 

DavidAC

When do they declare interest to HMRC though, I suspect that is when HMRC will tax it.

happybagger

That's a discussion for the other thread I guess, I merely point out the terms and simplicity of opening an account.