Earn 5.10% AER/gross fixed interest for one year.

Who this account is for

  • Savers looking for peace of mind from a fixed interest rate.
  • You can put your money away for a year without needing access to it.
  • You're 18 or over, resident in the UK, and you have a UK current account.
  • You can apply online, the account is managed by phone. 

How it works

  • The Fixed Saver 1 Year is a savings account with a fixed rate for a year.
  • To open a Fixed Saver, you need to have a personal current account held in your name, we call this your nominated account.
  • Your nominated account must be with a bank or building society based in the UK.
  • You can only make payments into your Fixed Saver by faster payment from your nominated account.
  • You can’t send money from a savings account, using CHAPS or from any other account that is not your nominated account.
  • Open the account with an initial deposit of at least £1,000.
  • You have 14 days from the account opening to make payments in. You can make as many payments in as you like within these 14 days.
  • The fixed term will start on the day you open your account, even if you don't pay any money in initially.
  • You won’t be able to make any withdrawals during the 12-month term.
  • There’s no right to cancel the MBNA Fixed Saver.
  • We pay fixed interest – that means your interest rate won't change during the year you save.
  • 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.

Summary box for Fixed Saver 1 Year

  • 5.10% AER/gross fixed interest on balances of £1 or more for one year from account opening. Interest is paid after 12 months.

  • No. This account has a fixed rate of interest, so the rate won’t change during the term.

  • For example, if you deposit £1,000.00 when you open a one year account, after 12 months you’ll have a balance of £1,051.00 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.
  • You can open this account online.

    And you can manage this account by phone.

    You can open this account if you:

    • are 18 or over;
    • are a UK resident;
    • hold a UK current account;
    • have £1,000 or more to save.

    We’ll use credit reference agencies as part of an automated process to check your identity. These checks won’t 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 £1,000 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 £750,000 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 the Fixed Saver 1 Year.

  • 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 available 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 that shows an interest rate, you’ll 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 savings glossary.

Open a Fixed Saver

Please read the summary box and the account conditions (PDF, 157KB) before you start.

Apply now

Frequently asked questions

Your money is protected

Eligible deposits held with us are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme.

More about FSCS

 

Your money is protected

 

Eligible deposits held with us are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme.

More about FSCS