When asking savers how products could be improved, the research found that:
- 59 per cent want banks to guarantee to pay new and existing customers the same interest rate
- 44 per cent want fewer terms and conditions
- 40 per cent want banks to reduce the variety of accounts available
In addition, 92 per cent of savers agreed that savings accounts should pay fair and consistent rates, while 83 per cent said banks should more clearly communicate how their savings accounts work and the interest rate they pay.
More than a quarter (28 per cent) of savers don’t know the interest rate offered by their savings account and said they do not regularly keep track of it.
“While many banks are clamouring to offer the best interest rate to attract new customers, most savers are more interested in taking out a fair and consistent product that is straightforward to use. Our savings products are built around our customers’ needs, offering fair and consistent rates,” Suzanne added.
“Although some banks give new customers preferential treatment, the Ford Money Our Best Rate Guarantee means that we pay new and existing customers the same interest rate on variable rate products. We would never want existing customers to feel like they are being penalised for their loyalty.”
Since its launch in April 2017, Ford Money has been shortlisted for a number of consumer money awards, underlining its commitment to delivering a fair and consistent service for savers.
Most recently, Ford Money was ‘Highly Commended’ in the ‘Best Savings Provider for Large Deposits’ category at the 2018 Moneywise Customer Service Awards. Ford Money also was named Best New Savings Provider in January at the Moneynet Personal Finance Awards 2018.
Ford Money services are available online at www.fordmoney.co.uk and include a range of savings products and ISAs.
Deposits of up to £85,000 are protected by the UK government’s Financial Services Compensation Scheme (FSCS).