Very quick question - For anyone with a Ford Money Instant Access account? (2024)

21 September 2022 at 12:12PM

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 Posts: 2,947 Forumite

21 September 2022 at 12:51PM

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 Posts: 560 Forumite

21 September 2022 at 12:58PM

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 Posts: 2,947 Forumite

21 September 2022 at 1:08PM edited 21 September 2022 at 1:09PM

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 Posts: 24,886 Forumite

21 September 2022 at 3:47PM

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 Posts: 2,947 Forumite

21 September 2022 at 4:31PM

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 Posts: 12,336 Forumite

21 September 2022 at 6:04PM

Rich1976 Posts: 596 Forumite

21 September 2022 at 6:25PM

zxspeccy Posts: 179 Forumite

21 September 2022 at 6:26PM

vernall Posts: 556 Forumite

23 September 2022 at 6:24AM