Monthly Interest with Ford Easy Saver

DoneWorking

I opened an account with Ford 

I put in three sums of money over six days 

Is the monthly interest paid out on a set day each month depending on how much was paid in during the month before hand

Or is it paid one month after the initial payment only 

The_Green_Hornet

Interest is paid one month after your initial deposit.

SickGroove

I opened & deposit on 15/11 with monthly interest paid away.

Interest payment to my nominated bank is showing on Ford App but hasn't reached my nominated bank yet. 

Will the interest payment into my nominated account be at some point today, tomorrow, or even Monday?

wmb194

SickGroove said:

I opened & deposit on 15/11 with monthly interest paid away.

Interest payment to my nominated bank is showing on Ford App but hasn't reached my nominated bank yet. 

Will the interest payment into my nominated account be at some point today, tomorrow, or even Monday?

Last time I had one of these with Ford interest was paid away on Bacs timescales e.g., interest credited on Monday and then received in my current account on Wednesday. So if it's been credited today I'd expect to see it in your nominated account on Tuesday.

SickGroove

And just like that, interest payment received into my nominated account, at 11.59 today.

wmb194

SickGroove said:

And just like that, interest payment received into my nominated account, at 11.59 today.

Good to know it’s speed things up!

Cashmygiro

Just received email today saying Ford Money are reducing the interest rate to 4.75% from January. 

sheslookinhot

Cashmygiro said:

Just received email today saying Ford Money are reducing the interest rate to 4.75% from January. 

Really?  I got one saying 4.85%

Bridlington1

sheslookinhot said:

Cashmygiro said:

Just received email today saying Ford Money are reducing the interest rate to 4.75% from January. 

Really?  I got one saying 4.85%

4.85% is the annual rate, 4.75% is the monthly rate, both are equivalent.

Cashmygiro

Dear Cashmygiro, We’re writing to let you know we will be reducing the rate on your Flexible Saver account effective 17 January 2024 as follows:

Current rate New lower rate 4.84% Gross 4.75% Gross

AstonSmith

I got an email this morning saying the rates will be dropping some more. It's probably linked to the anticipated BoE base rate drop.

Current Rate: 4.75% gross

New Rate: 4.51% gross