MBNA

Who they are

MBNA is a Lloyds Banking Group brand, better known in the UK for credit cards than savings. Lloyds acquired MBNA's UK business for £1.9 billion and completed the deal in June 2017, since which time MBNA has operated as a trading style of Lloyds Bank plc. The brand entered the savings market more recently - launching its first-ever fixed-term savings account after years of focusing purely on credit card lending. It is a relatively simple operation on the savings side: one product, clearly defined terms, and the backing of one of the UK's largest banking groups behind it.

Savings accounts

MBNA currently offers one savings product: the Fixed Saver. It pays a fixed rate for a one-year term, with no access to your money until maturity and a minimum deposit of £1,000. The current rate is shown live on this page - rates in this market move frequently, so the figure here is the one to trust.

You open the account online and manage it by phone, starting with £1,000 or more, and you have 14 days to add funds up to £750,000 from your nominated current account. You cannot withdraw money during the 12-month term , so only consider this if you genuinely do not need the money for a full year.

The phone-only management is worth thinking about. The account is managed by phone, and MBNA say they are working on making it available in online services in the future - but for now you cannot check your balance online or in the app. For a locked account where nothing changes until maturity, many savers find this is a reasonable trade-off for a strong rate.

FSCS protection - a detail worth reading

Your deposit is protected, but the way the protection works here matters. MBNA savings are FSCS protected up to £120,000 per person under the Lloyds Bank plc banking licence - and that same limit is shared with Lloyds Bank. If you hold savings with another Lloyds group brand, 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 is a straightforward proposition: a competitive one-year fix from a large, well-regulated banking group, with a minimum that suits mid-sized savers. The trade-offs are the phone-only account management and the fact that you share your FSCS cover with the broader Lloyds family. If neither of those bothers you, it is worth a look.

Check the live rate shown on this page before you apply - fixed bond rates shift regularly, and what is competitive today may look different in a few weeks.