LONDON Targeting the lucrative consumer-savings market, Ford is taking on the big U.K. banks with the launch of Ford Money.

Spun off from the automaker’s successful financial expertise of Ford Credit Europe, which is licensed as FCE Bank, the new service pledges to give savers fair rates, straightforward products and excellent customer service.

The new savings operation is grounded in Ford’s long experience in automotive financial services with Ford Motor Credit, which was founded in the U.S. in 1959 and launched in the U.K. four years later.

Ford Money services are available online and by telephone, and include savings products focused on customers’ long-term interests, providing consistent rates. Ford says customers can open an account online in less than 10 minutes and deposit savings immediately.

“Savers are looking for competitive and fair savings products. That’s why we created a range of savings products and ISAs that are easy to open, simple to manage and secure,” says Julian Hynd, chief deposits officer-Ford Credit Europe.

Ford Money’s “Our Best Rate Guarantee” means all customers will benefit from the savings provider’s best available rates even after they’ve applied for their account.

Independent research from PwC and the Target Group Index has informed the creation of Ford Money to ensure its products are competitive and positioned to meet savers’ principal needs. In addition to rates, the top three features savers look for are the availability of online account management, consistent interest rates and ease of access to savings.

The research also finds almost two-thirds of savers describe online access as essential to opening and managing a savings account. Deposits of up to £85,000 ($106,000) are protected by the U.K. government’s Financial Services Compensation Scheme.