Ford Interest Advantage Account
If you’re looking for a high yield savings account, the Ford Credit Money Market Account may be a good option for you. You can start your account with as little as $1,000, which isn’t too terrible but may pose a problem for some. Here are the current rates for this week:
For amounts under $15,000, the rate is 1.00% with an APY of 1.01%
For amounts $15,000 to $50,000, the rate is 1.05% with an APY of 1.06%
For amounts over $50,000, the rate is 1.10% with an APY of 1.11%
They pay interest on a tiered interest rate system, so the more money you have with them, the better the interest rate is for you. Many banks do this to gain more of your business. They offer telephone and online access 24 hours a day, free online transfers, and checks. Checks must be written for an amount larger than $250.00 and you can write as many as you’d like. There are no fees if you balance is above $1,000.
Possibly the largest drawback for the Ford Credit Money Market “Ford Interest Advantage” Account is that it is not FDIC insured, so if you’re the kind of person that likes the peace of mind offered by the FDIC, this may not be the account for you. If you are willing to take a risk and don’t mind not being backed by the FDIC, then I’d invest in the Ford Interest Advantage Account.