MBNA problem

Geordie555

On a MSE reccomendation, I made a 5 figure investment with a MBNA fixed rate 1 year savings account which matures next month.

I have received a maturity options email from MBNA with link to their website to state my choices.

The link doesn't work and says there is problem.

I phoned MBNA and the very pleasant girl says 'just let the account mature, and the money will be placed in a very low interest account. Then phone MBNA and we will transfer the money to my bank account.

This doesn't sound good to me.

Any comments or experiecies please?

Ayr_Rage

Log in directly to the website, not via the link, your maturity options should be there too.

The rollover to an instant access account is normal and you can withdraw the same day.

Cannot see any real issue here.

"On a MSE recommendation"

That is incorrect, MSE never recommends products.

Geordie555

Thanks for the reply. I got the wind up when I saw the MBNA Trustpilot reviews. Point taken regarding recommendation.

Geordie555

MBNA won't let you register for an online account with a fixed rate savings account - phone only.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81857799#Comment_81857799

I'd try opening its instant access savings account with a pound and gain access to online banking that way.

Geordie555

Good idea, but they only have fixed rate accounts at the moment!

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81857860#Comment_81857860

Oh, I see. You’ll get one when your fixed rate saver matures. Useful for next time…

Geordie555

Thanks for that. You are better searcher than me! The maturity options link still doesn't work though. I doubt I will invest with them again.

[Deleted User]

https://forums.moneysavingexpert.com/discussion/6652522/mbna-problem

Why doesn't this sound good to you?

The terms appear to be you cannot close the account (or access your money) until maturity.
I had a similar issue with a Progressive BS Regular Saver account which matured earlier this month. i.e. whilst in my case I could access my funds less £1 early, I was not permitted to close the account until maturity when they transformed it to a low paying instant access account. Particularly annoying since they dropped the interest rate on the RS account I held, but were offering a much higher rate on a newer version. But you could only hold one RS at a time.

What maturity options were you expecting? I think they are either to move all the money to another fixed savings account, or wait for the funds to be in an easy access account where you can do what you want with them e.g. withdraw some or all the money, open another fixed savings account, etc.

The current MBNA fixed savings account allows up to £750k, but I wouldn't be holding that much money with one institution, even if it is Lloyds. Nor is it market leading.

But if you really did want the MBNA fixed saver and were worried it may be withdrawn, note that you have up to 14 days to a add funds to it. You can hold up to 15 MBNA fixed savers at any one time.

x44

Certainly the MBA CCard was definately bought out by Lloyds in around 2017 and now runs on the Lloyds online system though still operates as a standalone website and still branded as MBNA.

If they are running MBNA savings as a different arm to their Lloyds/HBOS brand, one would have thought if it was part of Lloyds group they would seem more competant than it appears from this thread.

Geordie555

To gpman. This is what the maturity email says.

Your maturity options
	You can select any of these options, and we’ll take care of it for you.
	Open a new Fixed Saver 1 Year and move all your money, including any interest earned, into this account. Send any interest earned to your nominated account and open a new Fixed Saver 1 Year with the amount you originally saved. Close your account and send all the money, including any interest earned, to your nominated account, ending in 2324.
	View and lock in the current interest rate by selecting a maturity option. If the rate we’re offering for our Fixed Saver 1 Year then changes before your maturity date, don’t worry – we’ll automatically give you the higher rate for our Fixed Saver 1 Year.