MBNA 1 year fixed rate savings account

Hoenir

BoGoF said:

Murielson said:

BoGoF said:

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?

Just came here to see if anyone had been discussing the exact same thing

Just applied in my wife's name and noted the phone number only comment and now probably just won't fund at all and let it lapse after 14 days funding period. Happy with the certainty of checking in online and adding details to the savings and investments spreadsheet that I can review regularly

In the end I decided to go elsewhere with my cash - wish they had made it clearer in the application process that it's phone only (to be fair I may have missed this point).

I would imagine MBNA are going to lose a lot of potential deposits because of this archaic system.

I would imagine that if MBNA require funding. That the rates on offer for fixed term deposits wil be sufficiently attractive for the vast majority people not to care. Held numerous fixed term deposits over the years with finance companies. Managed ok without any need to have any online access. As would serve zero practical purpose. 

Plus point is that it keeps costs down. Bells and whistles, employees etc all have to be paid for. There's no free lunches in this world. 

Edi81

It’s a deposit with Lloyds Bank plc - they are just using their MBNA brand. 

A friend works there and it’s a new system that they are using hence not integrated online yet. 

Steve_xx

Edi81 said:

It’s a deposit with Lloyds Bank plc - they are just using their MBNA brand. 

A friend works there and it’s a new system that they are using hence not integrated online yet. 

That's even more concerning if it's a new system. We all  know what problems new systems can bring.

Liberty1234

I opened and funded an account 5 days ago. Got the email to say acct open and how to fund it.
I still haven't got an email or text to say my money had been received by them.

They really should be able to email with confirmation of funds received plus maturity date and rate of interest

Gers

Liberty1234 said:

I opened and funded an account 5 days ago. Got the email to say acct open and how to fund it.
I still haven't got an email or text to say my money had been received by them.

They really should be able to email with confirmation of funds received plus maturity date and rate of interest

I received both an email to confirm account opening and a text to say that funds had been received. No need for info about maturity date and rate of interest as that you should already have when you looked at the website. 

https://www.mbna.co.uk/savings/fixed-saver.html

InvestingNow

Gers said:

Liberty1234 said:

I opened and funded an account 5 days ago. Got the email to say acct open and how to fund it.
I still haven't got an email or text to say my money had been received by them.

They really should be able to email with confirmation of funds received plus maturity date and rate of interest

I received both an email to confirm account opening and a text to say that funds had been received. No need for info about maturity date and rate of interest as that you should already have when you looked at the website. 

https://www.mbna.co.uk/savings/fixed-saver.html

Did they say in the text/SMS how much you funded the account with? Or was it just stated that the funds were received?

Steve_xx

They didn't send me an email, but they did send me a text message and it showed the amount deposited. 

Archerychick

BoGoF said:

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?

I think perhaps we have all just got used to seeing everything online.

being that it is a fixed rate savings account with a short funding window I can’t see a need to have online access. There isn’t any administrative things that are needed to be done at any point, until the very end when they contact you with options for maturity. 

I have set an account up, and funded fine. Received a text message to confirm it’s been received so that’s all good from my perspective.

TheMysticBeaver

People losing their mind over no online access…

First things first, it tells you that right at the beginning before you even apply that the account is manageable via Telephone only. 

Secondly, Banks get a huge pushback from a lot of people when they try to push digital access and now they offer an account without it people are outraged.

MBNA are working on online access, and I would imagine come the turn of the year there will be news on this. Paper statements are available should anyone wish for them however in accordance to the whole Lloyds banking group, Emails are not deemed a safe route to deliver statements Hence why no one will be receiving email statements. 

They have had some issues with their Texting system and id suggest anyone who hasn’t received a text to give them a call to resolve the issue. 

Come maturity, Funds including interest are automatically transferred back into your nominated account. You will receive a reminder 2 weeks prior to maturity.

Unfortunately I think there have been a lot of people who have seen this account advertised via MSE Martin Lewis and have jumped in head first without reviewing if this account suits them. 

Steve_xx

TheMysticBeaver said:

People losing their mind over no online access…

First things first, it tells you that right at the beginning before you even apply that the account is manageable via Telephone only. 

Secondly, Banks get a huge pushback from a lot of people when they try to push digital access and now they offer an account without it people are outraged.

MBNA are working on online access, and I would imagine come the turn of the year there will be news on this. Paper statements are available should anyone wish for them however in accordance to the whole Lloyds banking group, Emails are not deemed a safe route to deliver statements Hence why no one will be receiving email statements. 

They have had some issues with their Texting system and id suggest anyone who hasn’t received a text to give them a call to resolve the issue. 

Come maturity, Funds including interest are automatically transferred back into your nominated account. You will receive a reminder 2 weeks prior to maturity.

Unfortunately I think there have been a lot of people who have seen this account advertised via MSE Martin Lewis and have jumped in head first without reviewing if this account suits them. 

I think that we understand the process. We are expressing some concern, rightly in my view, that there is a possibility of very large sums being transacted with little proof of where monies have gone to.