Savings Interest Rates, Switch Offers and Guides for MBNA

Who they are

MBNA has been based in Chester since 1993. You might know MBNA best for credit cards, but they now offer loans, home insurance and even savings. Lloyds purchased MBNA's UK credit card business from Bank of America in 2017 for approximately £1.9 billion, and the brand has operated as part of the Lloyds Banking Group ever since. A pioneer in providing customers with new ways to pay, including contactless cards and digital wallets, MBNA has more recently introduced loans, savings and home insurance to sit alongside their credit card offering.

Savings accounts

MBNA currently offers a single savings product: the Fixed Saver. It is a one-year fixed-rate account paying 4.85% AER, with a minimum deposit of £1,000 and no access to your money until the account matures. Interest is fixed for the term and paid at maturity.

One thing to know before you apply: the account can be opened online but is managed over the phone. For savings accounts you call 0800 085 9131, with lines open 9am to 5pm, Monday to Friday, closed on bank holidays. That suits some savers just fine, but if you prefer an app or online dashboard to check your balance day to day, MBNA is not the right fit.

On FSCS protection, the Fixed Saver is protected up to £120,000 - higher than the standard £85,000 limit that applies at most banks. Bear in mind that MBNA, Halifax and Lloyds Bank are all part of Lloyds Banking Group but operate as distinct brands. If you already hold savings with Lloyds Bank or Halifax, it is worth checking how your total deposits sit across the group before placing more cash here.

Is it right for you?

MBNA's Fixed Saver is worth a look if you want a competitive one-year rate and are comfortable locking your money away with no early access. The phone-only account management is the main trade-off, and it is a genuine one - some savers on forums have found the opening process less straightforward than they expected.

There are no switch offers here, and no easy access or ISA options at present. If you need flexibility, or want an ISA wrapper, you will need to look elsewhere.

As always, rates on fixed accounts move regularly. Check the live figures shown on this page to make sure the number you see here still holds before you apply.