MBNA 1 year fixed rate savings account

InvesterJones

figgyc said:

Surely the more people put money in it the more money they make not less. Unless you frame it as the "additional interest we take off the top and not given to average joe" which feels a bit sad to be honest.).

The more NEW people who weren't previously Lloyds customers the better for them of course - but if an existing customer already they'd probably make more money if they stay on the core Lloyds services.

Xenophon

St ineve_xx said:

Hoenir said:

Steve_xx said:

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. 

If it's a concern to do your banking online. Use a provider with a physical branch to visit. 

It isn't a concern for me to do my banking online. But it is concerning that a bank has no online login portal. In the instance of MBNA, they have neither online banking access nor do they have branch access.

I opened an account yesterday but I've had issues with them over the phone. Can't seem to change a simple personal detail that you would normally do online, they put me on hold for ages then moved me to someone else who still couldn't rectify the change. So haven't transferred any money. Have now gone with another bank online although rate is very slightly lower, not worth the hassle with these.

TheWoodler

There should be more than ‘one way in’ and I think a crucial point to make about telephone management is accessibility, in addition to a wider principle of providing reassurance to a wider public that their funds are safely deposited. 

Given the numbers of people in the UK with deafness or speech impairment (RNID statistics: 1 in 5) a provider entering the market using telephone banking as its management tool is a retrograde step.
 

Online banking permits financial independence without third-party intervention. 

MBNA *does* support accessible provision such as TextRelay, but you’ve got to search quite hard on their website to find that information, which is an issue in itself, while accessible provision brings its own problems. 

Workarounds such as TextRelay are great in theory, and are widely accepted by the banking industry as resolving the accessibility issue, but in practice aren’t wholly satisfactory (a lot of people find it consistently poor, myself included).

Using family members to help raises a whole host of issues, from privacy at the consumer end to unintentionally conflicting legislation at the institutional end (the service obligations laid on service providers by the Equality Act and financial regulations).

A functioning online portal obviates all these issues and permits independent management of one’s own finances.

Crucially, you should be able to close accounts and withdraw and access your funds without reliance on a third party. Nobody needs extra barriers or sources of anxiety to accessing their money, particularly when technology offers viable alternatives that give peace of mind. 

Mullington

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 joined 10 days ago. I've had no welcome letter or acknowledgement of the initial funds arriving. This really should be a basic procedure.

qbs

Major issue for me would be lack of an audit trail if anything goes wrong. How do you prove a telephone conversation?

Murielson

Went with Charter Savings Bank 1 year fixed rate bond at 5.21% instead. £5k min deposit

https://www.chartersavingsbank.co.uk/Products/FixedRateBond

Opened the MBNA but won't be funding it due to the phone only management option

Mullington

Mullington 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 joined 10 days ago. I've had no welcome letter or acknowledgement of the initial funds arriving. This really should be a basic procedure.

Still no letter or acknowledgement of the account being set up.

BoGoF

Mullington said:

Mullington 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 joined 10 days ago. I've had no welcome letter or acknowledgement of the initial funds arriving. This really should be a basic procedure.

Still no letter or acknowledgement of the account being set up.

What makes you think you're getting one?

I am the OP and opened on 9th and apart from e-mail/text nothing received. I have taken my money elsewhere.

EthicsGradient

They've also dropped the rate to 5.20% now, so below the Oxbury and Close Brothers 1 year rate or 5.26%.

Hattie627

EthicsGradient said:

They've also dropped the rate to 5.20% now, so below the Oxbury and Close Brothers 1 year rate or 5.26%.

EthicsGradient said:

They've also dropped the rate to 5.20% now, so below the Oxbury and Close Brothers 1 year rate or 5.26%.

Glad I got in a couple of days ago at 5.27%