New customers of Ford Money can now get 0.40 percent on their savings thanks to its newly reopened Flexible Saver account. Previously only available to existing customers, this rate will now be available to both new and existing customers and is one of the more competitive rates currently on the market. According to research by Moneyfacts, savings rates are recovering at a ‘slow and steady’ pace which means savers must act fast to take advantage of new deals like this. The new rates are available to all its customers immediately.
Savings rates rose again for the second consecutive month in August, and although they are still way below pre-pandemic levels, they are the highest they have been since February 2021.
A Ford Money spokesperson commented on the new release, explaining the reasoning behind reopening this account.
They said: “We hope that by reinstating our Flexible Saver to new customers, we can provide savers with a wider portfolio of products that best suit their needs.
“This is as we all continue to tackle the challenges brought on by the pandemic.”
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Most experts agree that people of working age should aim for savings worth three to six months’ of essential spending which would cover things like your mortgage, utility and food bills.
Hargreaves Lansdown defines this as at least £3,000 set aside for the average single person in an easy access savings account.
Recent research from the provider shows that 51 percent of people do not have enough emergency savings.
The study even found 46 percent of retirees don’t have enough put away in the bank.
Beneficiaries will lose money by keeping hold of any inheritance in cash.
She advises investing the lump sum, using it to pay off debts or to top up a pension pot.
Coles adds it can be difficult for people who are grieving to make a smart decision when it comes to making the most of their inheritance.
However, it’s a good idea to put the money into a savings account with a decent interest while deciding what to do next.