Ford Money has withdrawn its market-leading 4% regular saver and regular saver Isa from sale after an overwhelming number of savers opened an account.
The car giant launched its first ever regular saver product on Monday, available as a standard regular saver or as a regular saver held within an Isa wrapper. The 4% rate made it the highest paying open-to-all account on the market.
However, both versions of the regular saver have now been withdrawn from sale after a large number of savers rushed to take advantage.
Ford Money says there are no plans to re-open applications in the near future.
A spokesperson for Ford Money described the accounts as “terrifically popular”. The firm expects to launch new products later in the year, although the interest rates will depend on market conditions at the time.
What other regular savers are available?
Ford’s headline interest rate of 4% can be beaten by First Direct, HSBC, M&S Bank, Nationwide and Santander, which all pay 5% interest fixed for a year on regular savings.
However, with these accounts all require you to hold a current account with the bank, which will rule out many people.
The next best is the Virgin Money Regular eSaver which pays 2.25%.
Remember, you are only able to pay a limited amount into a regular saver each month. Nationwide allows account holders to save anything from £1 up to a hefty £500 per month, but other providers are more restrictive.
First Direct accepts between £25 and £300 a month while HSBC and M&S Bank allow deposits of between £25 and £250. Virgin Money will accept anything between £1 and £250 each month, while with Santander you’re limited to between £1 and £200 per month.