Ford Money ISA Rate

Fatherjacob

A quick question because im not 100% even after speaking to a rep at ford money ,does anyone know if the rate of 4.35% is for new cash isa's or if it would change for transfers in from another bank.
Im currenty with Trading212 and considering alternatives ,its a slight improvement over thier 4.1% but being a ford money account holder it kind of makes sense to have it at the improve rate.
Thanks for any help ,im not lazy just get overwhelmed with stuff like this .

mebu60

Ford Cash ISA is currently offering 4.35% which would be the same for new money or transfers-in. 

If you proceed, apply for the Ford Money ISA and instruct them to initiate the transfer-in which will form part of the application process. 

You imply you have other Ford Money products so don't forget the £85k FSCS protection is a total across all the products you hold with them.

refluxer

The majority of ISA providers pay the same interest rate to both new subscriptions and ISA balances that are transferred in, which is why you'll rarely see that aspect mentioned in any T&Cs - it's essentially the default.

The only provider I'm aware of who gives a different rate for transferred-in funds is Plum although there may be others so, as always, read the T&Cs of any account that you're interested in carefully. Any provider who does have different rates would definitely have to mention it - presumably in the 'What is the interest rate ?' section at the top of the product summary box (T&Cs).

Fatherjacob

refluxer said:

The majority of ISA providers pay the same interest rate to both new subscriptions and ISA balances that are transferred in, which is why you'll rarely see that aspect mentioned in any T&Cs - it's essentially the default.

The only provider I'm aware of who gives a different rate for transferred-in funds is Plum although there may be others so, as always, read the T&Cs of any account that you're interested in carefully. Any provider who does have different rates would definitely have to mention it - presumably in the 'What is the interest rate ?' section at the top of the product summary box (T&Cs).

That  was where i had my isa previously with plum , afte transfering in i found the rate was different ,i guess thats why i asked about Ford money . 
If i was to go ahead with having both a savings account and isa with Ford money i would be tipping the £85,000 so probably best to remove some of the savings and place them elsewhere. 
Just another quicky ,how does the £85k FSCS function with those in excess of £85k but have it all wrapped up in a single isa ? are isa's treated differently?

refluxer

Fatherjacob said:

If i was to go ahead with having both a savings account and isa with Ford money i would be tipping the £85,000 so probably best to remove some of the savings and place them elsewhere. 
Just another quicky ,how does the £85k FSCS function with those in excess of £85k but have it all wrapped up in a single isa ? are isa's treated differently?

No, cash ISAs aren't treated any differently to a normal savings account when it comes to the FSCS limit, so if you had more than £85k in a cash ISA, you'd only get £85k of it back.

If you have multiple accounts with Ford, you would need to keep your total balance across all savings accounts under £85k and it makes sense to leave headroom for interest, including any due but not actually credited. 

Albermarle

That  was where i had my isa previously with plum , afte transfering in i found the rate was different ,i guess thats why i asked about Ford money . 

Plum is one of the newer app based savings providers, that tend to have some quirks/unusual rules, so best to read their T's & C's very carefully.
Ford Money is a more traditional savings provider, so more predictable with more normal T's and C's.