On the Account Summary page select Account Options and choose Maturity Options. On the next page you will see a list of available choices. These may include:
- Opening another fixed rate product with the same term,
- Opening another fixed rate product with a different term,
- Opening an alternative Ford Money product e.g. Flexible Saver,
- Transferring your funds to an existing Ford Money account you hold with us (subject to the funding terms of that product),
- Transferring your funds back to your Nominated Account,
- A combination of any of the above.
The amount available for you to allocate to one or more of these options will be the current balance on your existing product as displayed at the top of the page i.e. your maturing funds. If you decide to split these funds across multiple products you will need to ensure that the combined total equals your available funds.
Choose your preferred option(s) by ticking the corresponding box(es) and enter the amount of funds you wish to allocate to each available option.
You may also have accrued interest that has yet to be applied to your current balance. Please select your preferred destination for this interest from the available options in the drop down menu under Unpaid Interest.
Once you are happy with your choices select Continue. On the next page (if applicable) you will be asked to acknowledge that you have downloaded, read and understood the FSCS Information Sheet, Product Summary Factsheet and the Terms and Conditions relating to your chosen product(s).
Should you wish to change any details at this stage you can select Amend to return to the previous page and edit accordingly.
Once you are happy with your choices select Confirm. You will then be presented with a confirmation page and will receive an email acknowledgement shortly afterwards.
You are still able to make changes up until 48 hours before your maturity date, at which point your choices become finalised.
Note however that you will need to wait 24 hours from when you last made a change before being able to do so again.
Also, when making any subsequent changes you must ensure you first click on the Amend button at the bottom of the page, which will then unlock all fields, allowing you to make your required changes.
You’ll always receive an email acknowledgement whenever you make any additional changes to your maturity options.
If I chose to reinvest, can I add more funds to my new Fixed Rate Account?
Yes you can. You have 14 days from the new account opening to make further investments. Please send from your Nominated Bank account using the payment details below:
- Sort Code: 20-32-53 (Note that the clearing bank we use is Barclays)
- Account Number: 63604551
- Payment Reference: Your new Ford Money account number followed by the first 3 letters of your surname
- Beneficiary: FCE Bank PLC (Note Ford Money is a trading style of FCE Bank plc)
How do I transfer my ISA to another provider on Maturity?
There is no need to complete maturity options as your ISA will automatically be reinvested into another Ford Money ISA account. This will then allow 14 days from the maturity date for the ISA transfer to take place penalty free.
You will need to contact your intended ISA provider to arrange the transfer.
When completing the transfer request please use your seven-digit account number and provide this in the roll/reference option.
This information is also available on the maturity options page under “Important – ISA Transfer Out Information”
What happens to my Interest on maturity?
When you chose to withdraw interest earned to your Nominated Account it is sent by BACS, so please allow three business days from maturity for it to reach your Nominated Account.
My account has matured into another account but I now need the money, can I withdraw it?
Yes, you have 14 days from the maturity date to request to close the account as part of your right to cancel. This can be requested by secure message or telephone. We will arrange to close the account and return the balance plus any accrued interest to your Nominated Account. Please note this can take up to 5 working days for us to action this request.
Alternatively, this can be done by requesting to close your account whilst logged into your online account.
How can ISA funds be moved to a non-ISA Ford Money account on maturity?
Before completing maturity options, it is necessary to open a Non ISA account. This is done by logging into your existing account, selecting open a new account from the main menu and following the on-screen instructions.
Wait until this new account is showing on the account summary screen, then review your maturity options. Your new account will now be showing as an existing account.
It is important to note a new account must be funded within 14 days of application and this includes funding as part of a maturity option.
What happens if I do not complete maturity options?
If you choose not to select an option, or forget to do so before the maturity date, we will automatically move your funds into a default product, which in most circumstances, will be the same as your maturing product.
It´s therefore important that you take the opportunity to review and select your options in a timely manner to enable us to fulfil your specific requirements.
Can I change my maturity options once they have been selected?
Yes, we´ll send you an email and text message confirmation acknowledging your choices have been made.
If for any reason, you subsequently change your mind you can amend your preferences up to 48 hours before the maturity date.