MBNA (Lloyds) Savings Account

Relwod

Following this website's guidance, I have just opened a fixed term (1 year) savings account with MBNA . I have not made a a deposit just yet but just wanted to confirm that this account is managed on the phone only (not online) and the account name is listed as MBNA Savings (and not in my own name as I presumed)? Is this usual?

Beddie

Everything you need to know is clearly explained on their website. You might be concerned about using them, but there's no need to as they are perfectly safe.

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

MPHILDIY

Beddie's response may be correct but you do not even receive an acknowledgment email when you have signed up. Plus the application process is clunky, unwieldly and ill thought out.

More concerning is my wife's experience. She has banked with Lloyds for over 30 years. She applied to MBNA for the 1-year fix account and was accepted. You have 14 days to pay the money in electronically - no other option. Because of delays in getting funds together, and a £25,000 per day faster payment limit, she made a Chaps payment. MBNA, itself part of Lloyds, refused to accept it. The Lloyds branch advised that she could up her faster payment to £100,000. and this was confirmed when she called today. However, on starting the process, she was advised that because MBNA is owned by Lloyds - for security reasons - the higher figure does not apply and she can still only pay £25k daily. The reality is that while they invite applications for up to £750k, if you are a Lloyds customer, which owns MBNA, the absolute maximum you can put into the account is £300,000. If you are not a Lloyds customer, unless you can make larger faster payments, the same situation prevails. What a staggering waste of our time! Lloyds/MBNA - you need to get your act together! 

wmb194

MPHILDIY said:

Beddie's response may be correct but you do not even receive an acknowledgment email when you have signed up. Plus the application process is clunky, unwieldly and ill thought out.

More concerning is my wife's experience. She has banked with Lloyds for over 30 years. She applied to MBNA for the 1-year fix account and was accepted. You have 14 days to pay the money in electronically - no other option. Because of delays in getting funds together, and a £25,000 per day faster payment limit, she made a Chaps payment. MBNA, itself part of Lloyds, refused to accept it. The Lloyds branch advised that she could up her faster payment to £100,000. and this was confirmed when she called today. However, on starting the process, she was advised that because MBNA is owned by Lloyds - for security reasons - the higher figure does not apply and she can still only pay £25k daily. The reality is that while they invite applications for up to £750k, if you are a Lloyds customer, which owns MBNA, the absolute maximum you can put into the account is £300,000. If you are not a Lloyds customer, unless you can make larger faster payments, the same situation prevails. What a staggering waste of our time! Lloyds/MBNA - you need to get your act together! 

Its sort code, 30-00-00, doesn't accept Chaps payments. It's probably been disabled because it wants all deposits to come from a nominated current account. Only being able to deposit up to £350k if you can make payments on weekends is a bit of a niche problem.

It says it can accept cheques so I don't know whether this would be an option.