Very quick question - For anyone with a Ford Money Instant Access account?

steveksullivan

I've seen their timescales for withdrawals, but do they generally take until following day or are they quicker?

(I currently use my instant access account to 'top up' my current account as needed for DDs etc always same day, otherwise current account is kept at £0)

EDIT: Their website says 'If we receive your request for a withdrawal by 2pm on any business day, the money should be available in your Nominated Account by the end of the following business day.'

but the post by speculator on another thread says 'Withdrawals made before 2pm will reach your linked account on the next business day.  After 2pm, the following business day.'

(my emboldening ....) subtly different ..... 'by the end of....' or 'on.....'

RG2015

Transfers out of Ford Money do not arrive at their destination on the same day. If a transfer is requested before 2:00 pm or thereabouts they have arrived at my bank on the following day between 2:30 pm and 3:30 pm.

Transfers into Ford Money requested in the morning arrive at Ford Money at about 4:00 pm on the same day.

I have never attempted a weekend or bank holiday transfer but I do not think they process transactions on these days..

refluxer

In my experience, it's not uncommon for banks who use their own sort code and account details and require you to enter your own account number as the reference to be 'next day' banks as far as withdrawals (and sometimes deposits) are concerned, although there can be exceptions if a payment is made early enough in the day and their systems/manpower aren't/isn't too stretched at the time.

In your case, I probably wouldn't use an account like the Ford Money Flexible Saver account if instant or closely timed, important withdrawals are important, unless you're able to make allowances for this. Banks like Atom or Chase offer pretty-much instant transfers in and out, but their rates have fallen behind. Personally, I'm holding off opening a better savings account until the next wave of rate increases following the BoE decision tomorrow. I don't think Ford increase their rates that frequently, meaning their (non-Sharia) rate could be overtaken in the next week or two.

steveksullivan

refluxer said:

In your case, I probably wouldn't use an account like the Ford Money Flexible Saver account if instant or closely timed, important withdrawals are important, unless you're able to make allowances for this. Banks like Atom or Chase offer pretty-much instant transfers in and out, but their rates have fallen behind.

Thanks - I use Chase at the moment for this purpose  - will look at Atom.

But I also have all my matured stuff currently sitting in Shawbrook instant access.....

refluxer

steveksullivan said:

Thanks - I use Chase at the moment for this purpose  - will look at Atom.

But I also have all my matured stuff currently sitting in Shawbrook instant access.....

Chase might not increase their rates any time soon (for reasons discussed elsewhere) but Atom are long overdue a rate boost to their Instant Saver. I wouldn't open one on the off-chance though ! 

As you're OK with app-only, have a look at Zopa if you haven't already - they have the 2nd-highest (non-Sharia) easy access rate and their 'boosted pot' system makes it really easy to lock money away for short-ish periods and get a higher rate without the hassle of opening up brand new accounts. Deposits in to Zopa take about 20 minutes to show for me - not sure about withdrawals. 

Albermarle

I don't think Ford increase their rates that frequently, meaning their (non-Sharia) rate could be overtaken in the next week or two.

I think they have gone up twice in a matter of weeks ? 1.5% to 1.75% to 1.95% 

Worth noting I think that if you do not really need very  regular quick access and can wait one business day, then in other respects Ford Money seem to be one of the more efficient/easy to deal with savings institutions. I do not remember ever seeing threads on here complaining about lack of response/no replies etc unlike a few others that crop up regularly.

refluxer

Albermarle said:

I don't think Ford increase their rates that frequently, meaning their (non-Sharia) rate could be overtaken in the next week or two.

I think they have gone up twice in a matter of weeks ? 1.5% to 1.75% to 1.95% 

Worth noting I think that if you do not really need very  regular quick access and can wait one business day, then in other respects Ford Money seem to be one of the more efficient/easy to deal with savings institutions. I do not remember ever seeing threads on here complaining about lack of response/no replies etc unlike a few others that crop up regularly.

Ah, OK - I didn't realise that. Sounds like they're more responsive than some then !

Yes, I've had no problems with the Ford Money fixed rate savers I've taken out in the past, so would have no issue with opening a Flexible Saver if instant access wasn't required.

bristolleedsfan

What is faster payment withdrawal limit ???

Rich1976

We use Ford Money and never have an issue with deposits or withdrawals. As long as you request the withdrawal before their cut off time the money is always in our bank account by around lunchtime the following day. If we have to wait an extra day if we did miss the cut off it really isn’t an issue as we always request the withdrawal a good few days before it is needed.

zxspeccy

Ford Money use Barclays bank for they payment clearing. I have made a couple of large payments into my new Flexible Saver this morning and got an text just after 4pm to confirm they have credited.

vernall

hi guys....sorry to hijack......i opened a Ford Money Flex Saver yesterday, paid in £1 to test it and its showing today. On the app and online I can't for the life of me see an option to withdraw. The app is very basic with hardly anything on there. The web has the option in the account options of view transactions, statement,interest summary, details,personalise and add savings goal....but no withdraw option