Ford Money introduced the choice immediately, confirming new prospects will now not be capable of entry any of its merchandise, aside from the Flexible Cash ISA, till additional discover. However, current Ford Money prospects will nonetheless be capable of apply for these merchandise at their present charges.
The withdrawn merchandise are the Flexible Saver, the one-year Fixed Saver, the two-year Fixed Saver, the one-year Fixed Cash ISA, and the two-year Fixed Cash ISA.
Ford Money commented: “We have taken this motion as a part of our routine observe of often reviewing our product portfolio and positioning throughout the wider financial savings market, in addition to our present deposit taking wants.
“All modifications at Ford Money are made to make sure we’re providing prospects probably the most acceptable and aggressive accounts attainable at any given time out there.”
Now, the one product that’s accessible to new prospects is the Flexible Cash ISA, which is presently paying 0.85 %.
The solely product accessible to new prospects is the Flexible Cash ISA paying 0.85%.
So, what are the annual charges accessible for current prospects on the affected merchandise?
Ford Money affected merchandise – Rates for Existing Customers (Annual)
Flexible Saver – 1.07 %
Fixed Saver [1 Year] – 1.45 %
Fixed Saver [2 Year] – 1.55 %
Fixed Cash ISA [1 Year] – 1.10 %
Fixed Cash ISA [2 Year] – 1.20 %
Elsewhere in rates of interest information, Santander has lately introduced modifications to in-credit rates of interest on present accounts.
From August 3, 2020, the financial institution will scale back the rate of interest on its 1|2|3, Select and Private Current Accounts from 1.00 % to 0.6 % every year on balances as much as £20,000.
Prior to a lower which happened on May 5, 2020, the Santander 1|2|Three account paid 1.5 % curiosity.
The financial institution stated the upcoming change is being made because of the latest discount within the Bank of England Base Rate.
Following two successive cuts from 0.75 to 0.25 after which to 0.1, the Bank Rate is now at a file low.
The Bank of England introduced the reductions again in March, as emergency measures in response to the continuing coronavirus disaster.
The Bank of England explains the Bank Rate is about to affect different rates of interest.
Santander additionally stated the reductions it has introduced take account of the “ongoing financial impact of regulatory changes in the banking industry”.
Susan Allen, Head of Retail Banking at Santander, stated: “While we’ve got needed to make a troublesome choice in gentle of the present rate of interest atmosphere, our 1|2|3 Current Account continues to offer good ongoing worth to prospects.
“It stays the one account that provides the power to obtain each curiosity on balances and cashback on family payments, that means prospects can earn nearly £300 per yr, for an account payment equal to £60 per yr.
“Customers are additionally capable of proceed to utilize the unique advantages provided by being a part of our 1|2|3 World.”