With the Base Rate resting at a 14-year excessive of 5 %, banks and constructing societies are rising more and more aggressive with interest rates throughout savings merchandise.

Ford Money introduced it has boosted the charges throughout 4 financial savings and ISA merchandise this week to make sure clients are benefiting from probably the most “competitive accounts possible”.

The accounts to supply a better charge of return embrace Ford Money’s Fixed Cash ISA One Year, Two Year, and Three Year merchandise, in addition to the Flexible Saver.

Ford Money commented: “We have taken this action as part of our routine practice of regularly reviewing our product portfolio and positioning within the wider savings market, as well as our current deposit-taking needs.

“All changes at Ford Money are made to ensure we’re offering customers the most appropriate and competitive accounts possible at any given time in the market.”

Fixed Cash ISA One Year - 4.75 %

Ford Money’s Fixed Cash ISA One Year is now providing an Annual Equivalent Rate (AER) of 4.75 %, up from 4.4 %.

Cash ISAs include extra advantages, resembling enabling savers’ cash to develop with out having to pay tax on the curiosity above the Personal Savings Allowance (PSA). ISAs that supply a set charge of curiosity work effectively for longer-term savers, because it means the financial institution or constructing society can’t change the speed till the tip of the time period.

The account will be opened with a minimal deposit of £500 and curiosity is paid. Account closure, withdrawals and transfers-out are permitted, nevertheless, a cost equal to 90 days’ gross curiosity on the quantity cashed in can be utilized.

Fixed Cash ISA Two Year - 4.85 %

Ford Money’s Fixed Cash ISA One Year is now providing an AER of 4.85 %, up from 4.5 %.

The account will be opened with a minimal deposit of £500 and curiosity is paid. Account closure, withdrawals and transfers-out are permitted, nevertheless, a cost equal to 180 days’ gross curiosity on the quantity cashed in can be utilized.

Fixed Cash ISA Three Year - 4.85 %

Ford Money’s Fixed Cash ISA One Year is now providing an AER of 4.85 %, up from 4.55 %.

The account will be opened with a minimal deposit of £500 and curiosity is paid. Account closure, withdrawals and transfers-out are permitted, nevertheless, a cost equal to 270 days’ gross curiosity on the quantity cashed in can be utilized.

Flexible Saver - 4.05 %

Ford Money’s Fixed Cash ISA One Year is now providing an AER of 4.05 %, up from 3.91 %.

The account will be opened with a minimal deposit of £1 and curiosity will be paid month-to-month or yearly. Withdrawals will be made on-line at any time to a nominated account or by switch to a different Ford Money financial savings account.