Ford Money has increased interest rates on a variety of cash accounts – get the full details here.

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Ford Money has increased interest rates on a variety of cash accounts – get the full details here.

As savers look for the best bargains, banks such as Paragon Bank and Marcus by Goldman Sachs have raised their ISA rates. Ford Money also raised rates on a number of its ISAs today.

Ford Money has boosted the interest rates on its ISA accounts today in order to benefit both existing and new customers. These gains may be beneficial to those who want to preserve for the short and long term.

Ford Money, an online savings service, has boosted the interest rates on its Fixed Cash ISA 1, 2, and 3 Year products as of today, July 2.

The following are the specific increases:

This update drew a response from a Ford Money official.

“We took this decision as part of our routine practice of examining our product portfolio and positioning within the broader savings market, as well as our current deposit taking needs,” they stated.

“By raising the rates on our Fixed Cash ISA 1, 2, and 3 Year products, we intend to give savers a better return on their money as we collectively work to overcome the challenges posed by the pandemic.

“At Ford Money, we make every modification to guarantee that we are providing our customers with the most relevant and competitive accounts available at any given time in the market.”

Marcus by Goldman Sachs recently upped its rates, and while the new interest available isn’t as high as what’s available at Ford Money, it nevertheless made Moneyfacts.co.uk’s latest “Pick of the Week.”

Eleanor Williams, a Moneyfacts.co.uk Finance Expert, explains why Marus’ Cash ISA is a good investment.

“This week, Marcus by Goldman Sachs upped the rates on its Online Savings Account and Cash ISA by adding an introductory bonus rate of 0.10 percent, which will be applied for 12 months,” Ms Williams added.

“With a monthly rate of 0.50 percent (including the bonus rate), the product now ranks higher in the top rate table than other variable rate ISAs now available.

“This account could be an appealing alternative for savers who want to take use of their tax-free savings allowance while also maintaining access to their savings account, as access is authorized and unrestricted.

“However, the bonus will expire after a year, so investors can take advantage.”Brinkwire Summary News”.

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