MBNA 1 year fixed rate savings account

Mullington

BoGoF said:

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.

So you never actually deposited with them then? I've sent my money and haven't received a dicky bird in terms of an acknowledgement. Phoned them on Saturday to send a confirmation letter and still nothing has arrived.

flaneurs_lobster

Hattie627 said:

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

Are you sure? How do you know?

Hattie627

flaneurs_lobster said:

Hattie627 said:

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

Are you sure? How do you know?

I've got an email confirming details

Hattie627

 Email received on day of opening account:-

Hello (name given, edited) Congratulations! Your Fixed Saver 1 Year is now open and ready for you to start saving. Your account details and summary box are included below. We recommend that you read the summary box which confirms your interest rate and other important information about your account. Fixed Saver 1 Year You can now move money from your nominated current account to your Fixed Saver 1 Year account using the sort code, account number and reference number below. This reference number is unique to your MBNA account - you must include it to make sure the money reaches you. When you move money to your MBNA Fixed Saver 1 Year account, you need to enter: MBNA Savings as the payee name 300000 as the sort code 00200484 as the eight-digit MBNA account number Your unique reference number as the payment reference. Account details (edited) Your Unique Reference Number (edited) You'll need to use this as your payment reference. If you've shared a mobile number with Lloyds Banking Group previously we may already hold a mobile phone number for you, if we do, we'll use this number to send text messages about your savings account to. If you want us to use a different mobile number, please call us on 0345 835 5376 (+44 113 366 0161 if you're outside the UK). Lines are open 8am-6pm Monday to Saturday, excluding Bank Holidays. Summary Box for the Fixed Saver 1 Year What is the interest rate? 5.27% gross/AER fixed interest on balances of £1 or more for one year from account opening. Interest is paid after 12 months. Can MBNA bank change the interest rate? No. This account has a fixed rate of interest, so the rate won't change during the term What might a future balance be? For example, if you deposit £1000 when you open a 1 year account, after 12 months you will have a balance of £1052.70 after interest is paid. This assumes: interest is paid 12 months after you open the account you make your deposit on the day you open the account you don't add any more money. How do I open and manage my account? This account can be opened: online And managed: by phone You can open this account if you: are 18 or over; are a UK resident; hold a UK current account; have £1000 or more to save. We will use Credit Reference Agencies as part of an automated process to check your identity. These checks will not impact your credit score. For more information please see the How we use your personal information to make automated decisions and Credit Reference Agencies (CRAs) sections in our full Privacy Notice. You need to deposit at least £1000 into the account within 14 days of it opening. You can make as many deposits as you like within these 14 days. You can deposit up to a maximum of £750000 in the account. After the 14 days are up, you can't make any further deposits. Online applications must be made in your sole name. You can have up to 15 Fixed Saver accounts. The right to cancel does not apply to a Fixed Saver 1 Year. Can I withdraw money? You can't make withdrawals from this account. Plan to keep your savings in your account for the full term. Once your account matures you'll have easy access to your savings, we'll get in touch with you before then with your options and next steps. Savings terms explained Gross rate means we won't deduct tax from the interest we pay on money in your account. It's your responsibility to pay any tax you may owe to HM Revenue & Customs (HMRC). AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year. For more definitions, view our glossary. We have included the following attachments within the welcome email. It's really important that you read them. Terms and Conditions - full details about how your accounts work. Financial Services Compensation Scheme Information Sheet - information about how your money is protected. Yours sincerely, The Savings Team

 

Mullington

Hattie627 said:

 Email received on day of opening account:-

Hello (name given, edited) Congratulations! Your Fixed Saver 1 Year is now open and ready for you to start saving. Your account details and summary box are included below. We recommend that you read the summary box which confirms your interest rate and other important information about your account. Fixed Saver 1 Year You can now move money from your nominated current account to your Fixed Saver 1 Year account using the sort code, account number and reference number below. This reference number is unique to your MBNA account - you must include it to make sure the money reaches you. When you move money to your MBNA Fixed Saver 1 Year account, you need to enter: MBNA Savings as the payee name 300000 as the sort code 00200484 as the eight-digit MBNA account number Your unique reference number as the payment reference. Account details (edited) Your Unique Reference Number (edited) You'll need to use this as your payment reference. If you've shared a mobile number with Lloyds Banking Group previously we may already hold a mobile phone number for you, if we do, we'll use this number to send text messages about your savings account to. If you want us to use a different mobile number, please call us on 0345 835 5376 (+44 113 366 0161 if you're outside the UK). Lines are open 8am-6pm Monday to Saturday, excluding Bank Holidays. Summary Box for the Fixed Saver 1 Year What is the interest rate? 5.27% gross/AER fixed interest on balances of £1 or more for one year from account opening. Interest is paid after 12 months. Can MBNA bank change the interest rate? No. This account has a fixed rate of interest, so the rate won't change during the term What might a future balance be? For example, if you deposit £1000 when you open a 1 year account, after 12 months you will have a balance of £1052.70 after interest is paid. This assumes: interest is paid 12 months after you open the account you make your deposit on the day you open the account you don't add any more money. How do I open and manage my account? This account can be opened: online And managed: by phone You can open this account if you: are 18 or over; are a UK resident; hold a UK current account; have £1000 or more to save. We will use Credit Reference Agencies as part of an automated process to check your identity. These checks will not impact your credit score. For more information please see the How we use your personal information to make automated decisions and Credit Reference Agencies (CRAs) sections in our full Privacy Notice. You need to deposit at least £1000 into the account within 14 days of it opening. You can make as many deposits as you like within these 14 days. You can deposit up to a maximum of £750000 in the account. After the 14 days are up, you can't make any further deposits. Online applications must be made in your sole name. You can have up to 15 Fixed Saver accounts. The right to cancel does not apply to a Fixed Saver 1 Year. Can I withdraw money? You can't make withdrawals from this account. Plan to keep your savings in your account for the full term. Once your account matures you'll have easy access to your savings, we'll get in touch with you before then with your options and next steps. Savings terms explained Gross rate means we won't deduct tax from the interest we pay on money in your account. It's your responsibility to pay any tax you may owe to HM Revenue & Customs (HMRC). AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year. For more definitions, view our glossary. We have included the following attachments within the welcome email. It's really important that you read them. Terms and Conditions - full details about how your accounts work. Financial Services Compensation Scheme Information Sheet - information about how your money is protected. Yours sincerely, The Savings Team

 

I've sadly not even received this email conforming my investment. I've raised an online complaint this morning.

alenaraphaella

I opened this account in February, enticed by the high savings rate, and deposited over £100k into it (due to it being parts of Lloyds Group am not concerned about the risk) -  and it's been a total nightmare ever since. I've spoken to countless staff, each time requesting a statement or something in writing, by post, evidencing the existence of my account. Each time I'd told the request is being processed, and several staff even said that they're dealing with a backlog of statement requests, and that something will arrive in the next 10 working days. This was over 3 weeks ago.

Have also been told the story about they're working on an 'online account', which, given MBNA already has such online account and app infrastructure for their other financial products, sounds like nonsense. 

Tried again today, as nearly 7 weeks' on and still nothing in the post received. Was told that "all service requests up to April 8th have now been carried out" - when I asked them to clarify what that was supposed to mean, they essentially said, they've sent out all statements - the implication being, it's my problem if it's not been received. I find this to be absolutely outrageous, so I'm in the process of making an official complaint and will then report to the Financial Ombudsman. 

Something about this account and the total lack of any evidence or transparency for customers' funds being held doesn't sit right. They need investigating immediately and I suggest anyone else here who has funds with them do the same, as I'm very concerned.