Their aluminum idea in regards to what to build their pickups out of was ridiculed but now it has proven to be a gem of an idea. This is just one example!
Not many people are aware but Ford has a financial arm named Ford Credit Europe. With the economy in some countries (socialistic countries like Greece and Spain) and states (New York and California) facing uncertainty, Ford has decided to come up with a range of savings products for its customers under a new plan. The idea is to offer fairer rates to customers who are looking to save money.
New Savings Products
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The company is confident and believes that with the help of a trusted brand image and heritage that Ford has created over the decades, the product will be an instant hit. It’s a win-win situation.
Ford Money, the new savings brand from one of the largest and the oldest automobile manufacturer in the country, will offer decent rates of interests on savings accounts as well as ISAs. Ford is an ethical company and this is why they continue to reap award after award. Ford never needed a bailout like their archrival GM did as well.
Ford executives believe that the product is decent, straightforward, and comes with an excellent customer support team. Here is everything you need to know about these new plans.
Plans
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There are as many as six savings accounts:
- An easy access account that pays 0.85 percent
- Two fixed rate bonds that will pay 1.31 percent for the first year and 1.5 percent for two years
- An easy access ISA or individual savings account account that will pay 0.80 percent
- Two fixed rate ISAs account that will pay 0.95 percent for one year and 1.09 percent for two years.
The rates are pretty solid considering the fact that the some of the ISAs that are being offered currently in the market pay 1.05 percent, and two year ISAs pay 1.25 percent. If you are going to buy fixed rate products from Ford Money, you will receive interest rate that is available at the time of making the investment, and if the product rate increases before you make the initial deposit, then you stand to receive higher rates of interest.
One salient aspect about these financial products that have been launched by Ford Money, as pointed out by the company spokesperson, is that they are not going to offer short term bonus rates, like other companies do, in order to attract new customers at the expense of existing customers. Why favor one type of customer over another?
Guarantee
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Ford Money is offering a "best rate guarantee" across all of its variable products. What this means is that if you are an existing customer, you are not going to be worse off than new customers on the same similar types of products. This will maintain transparency and Ford Money is essentially promising to treat all of its customers equally.
A new Ford Money account can be opened by simply calling their customer support line of by filling an online application form.
In case you are worried about protection, you will be happy to know that all accounts opened at Ford Money are protected by the Financial Services Compensation Scheme (FSCS), one of the UK's most prominent savings protection plans. There is an upper cap limit which is set at £85,000. You will need at least £1 to open an online account. The money can be transferred from a nominated account only.
If you have any questions, Ford claims that their customer support is always at hand. They say NYC never sleeps, neither does Ford!