MBNA

Who they are

In the UK, MBNA is a trading style of Lloyds Bank plc, regulated by the FCA. Lloyds Banking Group purchased MBNA's UK portfolio from Bank of America for £1.9 billion, completing the deal in 2017. Most people know MBNA through its credit cards, and savings is a relatively recent and limited addition to its offering. The brand operates separately from Lloyds, Halifax and Bank of Scotland, but they all sit under the same banking group.

The savings side of MBNA is deliberately simple - one fixed-rate product, no frills. That can be a feature rather than a bug if you know what you want.

Savings accounts

MBNA currently offers a single savings product: a one-year Fixed Saver. You can open the account online, and it requires a minimum deposit of £1,000. After opening, you have 14 days to add up to £750,000 from your nominated current account. You cannot withdraw money during the 12-month term , so this is strictly a lock-it-and-leave-it arrangement.

The current rate is shown live on this page - check the figures there for the latest number, as rates change over time.

One thing worth knowing before you apply: the account is managed by phone. 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 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 the licence-sharing point

Eligible deposits held with MBNA are protected up to a total of £120,000 by the Financial Services Compensation Scheme (FSCS). That is the higher limit that applies to certain institutions, rather than the standard £85,000 most banks carry.

However, because MBNA operates under the Lloyds Bank plc banking licence, the protection is shared across the group. If you hold savings with another Lloyds brand - such as Scottish Widows - your combined FSCS cover 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.

There are no current account switch offers to speak of from MBNA on the savings side.

As always, the live rate figures shown on this page are updated regularly and are the right place to check what MBNA is actually paying today before you make any decision.