Ford Money monthly interest issue (2024)

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4justice2 Posts: 620 Forumite

22 February 2023 at 3:59PM in

Anybody familiar with Ford Money?
Set up Flexible Saver in October funded with £1 (monthly interest option). I know that's not enough to get interest.
Then in mid January moved in some more calculated I'd get a few pence, nothing paid.
Just had February statement expected a few pence again. Still no interest.
Checked account definitely set for monthly pay to external nominated account. Do Ford not pay interest if it less than a certain amount? Can't find anything in the T&C.

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[Deleted User] Posts: 0 Newbie

22 February 2023 at 4:17PM edited 22 February 2023 at 4:17PM

Hi,
have you looked at your online account to see what it shows re interest?
4justice2 Posts: 620 Forumite

22 February 2023 at 4:22PM

frugalmacdugal said:

Hi,
have you looked at your online account to see what it shows re interest?
Yes, checked both the online account and download statements, all transactions in and out correct, just no interest!
See Also
Ford Money Flexible Saver Ford Money and Aldermore - 'legit'?Very quick question - For anyone with a Ford Money Instant Access account?
coyrls Posts: 2,481 Forumite

22 February 2023 at 4:22PM

I don't know what interest rate you have with Ford Money but it's ulikely to be more than 3%. At 3% you would get £0.03 per year interest and so the monthly interest would be £0.0025, not a "few pence".
4justice2 Posts: 620 Forumite

22 February 2023 at 4:32PM

coyrls said:

I don't know what interest rate you have with Ford Money but it's ulikely to be more than 3%. At 3% you would get £0.03 per year interest and so the monthly interest would be £0.0025, not a "few pence".
Should have made it clearer! £1 was from October. Moved in more money in January so had £140 during parts of January and February.
Band7 Posts: 2,285 Forumite

22 February 2023 at 4:33PM

4justice2 said:

Set up Flexible Saver in October funded with £1 .....
Then in mid January moved in some more
You need to give some further details - what exact date did you deposit how much?
RG2015 Posts: 5,959 Forumite

22 February 2023 at 4:34PM edited 22 February 2023 at 4:40PM

I had £5 in December and got £0.01 in interest. £5 x 2.47% x 30 / 365 = £0.01
If you had £5 in mid January you should have got £0.01 in your February statement.
If you are set up for monthly interest you should see a rate of 2.86% in the app or online. If your interest is annual you will see 2.90%
https://www.fordmoney.co.uk/content/dam/fmny/uk/documents/Ford-Money-Historic-Rate.pdf
Edit. Just seen your £140 post so one month's interest is about £0.32
It does sound like you are set up for annual interest.
AmityNeon Posts: 995 Forumite

22 February 2023 at 4:34PM edited 22 February 2023 at 4:34PM

It's strange. I somehow received 1p of interest after having £1.00 in the account for a single-month period between December and January (31 days). No interest was received in the monthly period between January and February on a £1.01 balance (also 31 days).
Band7 Posts: 2,285 Forumite

22 February 2023 at 4:40PM

AmityNeon said:

It's strange. I somehow received 1p of interest after having £1.00 in the account for a single-month period between December and January (31 days). No interest was received in the monthly period between January and February on a £1.01 balance (also 31 days).
Have you previously had a higher balance? In which case, your accrued interest might have crossed the 1 pence mark at the end of December. For January, you have only made a fraction of a penny, which explains why you got nothing for that month. It will still sit in the system, and one of these months, you will probably receive another 1p.
AmityNeon Posts: 995 Forumite

22 February 2023 at 4:45PM

Band7 said:

AmityNeon said:

It's strange. I somehow received 1p of interest after having £1.00 in the account for a single-month period between December and January (31 days). No interest was received in the monthly period between January and February on a £1.01 balance (also 31 days).
Have you previously had a higher balance? In which case, your accrued interest might have crossed the 1 pence mark at the end of December. For January, you have only made a fraction of a penny, which explains why you got nothing for that month. It will still sit in the system, and one of these months, you will probably receive another 1p.
No. The account was opened with £1, and after 31 days, I received 1p of interest in January.
4justice2 Posts: 620 Forumite

22 February 2023 at 4:59PM

Thanks for all your replies. The info is as follows.
I had £1.00 from 22.10.22 to 13.1.23
£140.00 from 14.1.23 to 25.1.23
£130.00 for 26.1.23
£10.00 from 27.1.23 to date.
Statement period is 22nd to 21st.
Current interest is 2.86%, monthly.
Probably only about 15p, now it's been confirmed that Ford will pay as little as 1p, I know it's not a minimum interest payments issue.
I'm wondering if their system shows me as annual interest, even though my app and online accounts show as monthly.
I'll have to see what they say!

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