‘Top rate’ account is offering ‘market-leading’ 4.50 interest rate on savings | Personal Finance | Finance

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Ford Money has reduced the interest rate on a selection of its Fixed Saver accounts this week, but the two-year option remains market-leading compared to similar accounts, according to the experts at Moneyfacts. Its currently paying one of the top rates available at 4.50 percent but customers will need to be able to lock away savings for two years.

It’s been a good start to 2023 for savers, as banks continue to offer better savings rates showing it pays to shop around when it comes to finding the best savings account.

Britons will be able to obtain better rates if they can afford to put their money away for longer with one two year fixed account offering a top rate of 4.50 percent.

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:“Ford Money has removed its existing customer restriction and reduced rates on a selection of its Fixed Saver accounts this week, but the two-year option remains market-leading compared to similar accounts currently available.

“Paying a rate of 4.50 percent, the Fixed Saver 2 Year takes a prominent spot in our top rate tables and may attract savers who are comfortable to tie their money up for the duration of the deal, as earlier access to their savings pot is not permitted.”

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She continued: “However, unlike many of its peers, this account has a smaller minimum investment requirement of £500 and will allow further additions within the first 21 days of opening the account, both features which may further boost its appeal. The account secures an Excellent Moneyfacts product rating.”

If savers would prefer to lock savings in for slightly less time, Moneyfacts has also highlighted an 18 month deal that pays slighly less interest at 4.45 percent.

Ms Williams added: “QIB has increased the expected profit rates on a selection of its Raisin UK – Fixed Term Deposit accounts by up to 0.40 percent this week. Its 18 Month deal now pays 4.25 percent and may well be a tempting option for savers as it offers a competitive return compared to other bonds with similar terms currently available.

“As is common with fixed accounts, savers must be comfortable with their initial deposit and duration of the fixed term, as early access is not permitted until maturity. Overall, this account receives an Excellent Moneyfacts product rating and a place in our top tables.”


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The Ford Money account offers:

  • Rate: 4.50 percent AER payable on anniversary
  • Notice/term: Two years
  • Minimum opening amount: £500
  • Maximum investment amount: £2,000,000
  • Access: Not permitted
  • Further additions: Permitted for 21 days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16. Joint account option available.

People looking for a savings account where they can access their money whenever they need to could get an interest rate of 2.86 percent with Zopa.

The Zopa Smart Saver account currently ranks top of the list when it comes to easy access accounts, offering an Annual Equivalent Rate (AER) of 2.86 percent on savings up to £85,000.

Coventry BS’ Limited Access Saver (Online) (6) comes in second place when it comes to the top easy access savings accounts and has an AER of 2.85 percent.

Ranking third is Al Rayan Bank’s Everyday Saver (Issue 3) with an AER of 2.81 percent.

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