MBNA 1 year fixed rate savings account

BoGoF

So, just opened myself one of these at 5.27% for one year and was a bit surprised to see the account can only be managed by phone.

No way of seeing your balance online and for some reason I'm reluctant to use it now. Seems irrational as the balance won't change until the interest is added after the 12 months but there is some 'comfort' in seeing your money is there online.

Is it just me?

HillStreetBlues

Personal preference I wouldn't have one that's phone only these days.
I use https://moneyfactscompare.co.uk/savings-accounts/1-year-fixed-rate-bonds/?quick-links-first=false as know how they operate before opening.

Brie

I'm surprised having had an MBNA CC for at least 20 years that has always been available to view on line.  So I looked up the savings accounts - hadn't realised they did them for whatever reason and noted that it says:

• Apply today and open your account online in minutes.

So is it a case of you can open your account online but can't see anything?

BoGoF

Brie said:

I'm surprised having had an MBNA CC for at least 20 years that has always been available to view on line.  So I looked up the savings accounts - hadn't realised they did them for whatever reason and noted that it says:

• Apply today and open your account online in minutes.

So is it a case of you can open your account online but can't see anything?

Yep, it seems to be - welcome e-mail says manage by phone. 

Brie

Having looked on my online account while I can see that I can access my CC (which I look at regularly) and loans (none of which I've ever had with them) there's nothing to show for savings accounts.  I do find it odd that they don't allow you to see that your balance is sitting there safely waiting for interest to be added.  Does that fit with FCA regulations?

HillStreetBlues

Brie said:

Having looked on my online account while I can see that I can access my CC (which I look at regularly) and loans (none of which I've ever had with them) there's nothing to show for savings accounts.  I do find it odd that they don't allow you to see that your balance is sitting there safely waiting for interest to be added.  Does that fit with FCA regulations?

There's even some accounts you can open on-line and can only manage via post, can't see either that on not being on-line breaking any rules.

BoGoF

Brie said:

Having looked on my online account while I can see that I can access my CC (which I look at regularly) and loans (none of which I've ever had with them) there's nothing to show for savings accounts.  I do find it odd that they don't allow you to see that your balance is sitting there safely waiting for interest to be added.  Does that fit with FCA regulations?

Not sure but there are others that do phone/post but usually small players so must be ok. 

I wont be using the account and will go with Smartsave at 5.28% - only chose MBNA as an existing cc customer.

EthicsGradient

As you say, since it's a fixed rate 1 year bond, you know your balance does not change over the year. There's not much you can do with it online; can't you look at the welcome e-mail occasionally, if you want reassurance? Or just check that MBNA still exists as a going concern?

They may have decided that since this is the only savings account they seem to offer at the moment (the only one they have ever offered?) that it saves them money not having customer web pages to set up and maintain that don't have any real function. That may be why they've been able to offer what seems to be the 2nd best 1 year rate (the best being SmartSave, who have their own quirk of only allowing you one account at a time - so I, for instance, can't open their 1 year account since I have a 3 year one with them already).

The question is really how will they handle maturity - do you want them to give you the option of re-investing with them, in which case a website might be convenient, or are you sure you'll just want the money back from them with the interest?

On edit: I suppose change of address, email etc. is something a full function site would give. But that involved a security system, and they may have decided doing that by phone/email/post is more cost-efficient.

Gers

I phoned to ask them about this yesterday and was told that an app / online is coming. Seems that this is their only savings account. 

BoGoF

EthicsGradient said:

As you say, since it's a fixed rate 1 year bond, you know your balance does not change over the year. There's not much you can do with it online; can't you look at the welcome e-mail occasionally, if you want reassurance? Or just check that MBNA still exists as a going concern?

They may have decided that since this is the only savings account they seem to offer at the moment (the only one they have ever offered?) that it saves them money not having customer web pages to set up and maintain that don't have any real function. That may be why they've been able to offer what seems to be the 2nd best 1 year rate (the best being SmartSave, who have their own quirk of only allowing you one account at a time - so I, for instance, can't open their 1 year account since I have a 3 year one with them already).

The question is really how will they handle maturity - do you want them to give you the option of re-investing with them, in which case a website might be convenient, or are you sure you'll just want the money back from them with the interest?

On edit: I suppose change of address, email etc. is something a full function site would give. But that involved a security system, and they may have decided doing that by phone/email/post is more cost-efficient.

You are right and a few years ago this was the norm.

As part of the Lloyds group there is nothing to fear in terms of losing my money. That said the normal MBNA app for credit cards is identical to Lloyds and as Lloyds group has fixed rate accounts/bonds you can see in app/online would it really have been that difficult to set up.

35har1old

Brie said:

Having looked on my online account while I can see that I can access my CC (which I look at regularly) and loans (none of which I've ever had with them) there's nothing to show for savings accounts.  I do find it odd that they don't allow you to see that your balance is sitting there safely waiting for interest to be added.  Does that fit with FCA regulations?

HTB once you have opened you first account online any further accounts opened by phone through you can then view all online