MBNA savings rates — compare every account, plus switch offers and guides

Who they are

MBNA has been based in Chester since 1993. A pioneer in providing customers with new ways to pay, MBNA has more recently introduced loans, savings and home insurance to sit alongside their credit card offering. In December 2016, Lloyds Banking Group announced it would purchase MBNA's UK portfolio from Bank of America for £1.9 billion, and the deal completed in June 2017 - since which time MBNA has been a trading style of Lloyds Bank plc. For most savers, that means the backing of one of the UK's largest banking groups - though it does come with a nuance worth knowing about (see below).

Savings accounts

MBNA currently offers one savings product: the Fixed Saver. The rate shown on this page is 4.85% AER on a one-year fixed term, with a minimum deposit of £1,000 and no access until maturity. There are no bonus-rate tricks or introductory periods to watch out for - what you see is what you get for the full term.

There is one practical catch. MBNA say they are working on making the account available in online services in the future, but for now you cannot check your balance online or in the app. For a fixed-rate account where nothing changes for a year, many savers find this perfectly manageable - others find it uncomfortable. Know which camp you are in before you commit.

FSCS protection - and a key licence-sharing point

Eligible deposits held with MBNA are protected up to £120,000 by the FSCS - the higher limit that applies to certain institutions, rather than the standard £85,000 most banks carry. However, there is an important caveat. Because MBNA operates under the Lloyds Bank plc banking licence, the cover is shared across the group. If you hold savings with another Lloyds brand - such as Scottish Widows Bank - your combined FSCS protection across both is still capped at £120,000, not £120,000 per brand. If you already have significant deposits elsewhere in the Lloyds group, it is worth checking your total exposure before opening an MBNA account.

Is it right for you?

MBNA's Fixed Saver suits savers who are comfortable locking money away for exactly one year, are happy to deal by phone, and want the security of a large banking group behind their deposit. The rate has consistently been competitive at the top end of the one-year fixed market, which is the main reason it appears on best-buy tables. It is less suited to anyone who wants digital visibility of their savings balance, needs easy access to their money, or already has a large sum deposited with another Lloyds-group brand.

Rates on fixed savings products move over time - the live figure shown on this page is always the right place to check what MBNA is actually paying today before you make any decision.