Fixed Saver
Get a fixed interest rate for a year by locking your money away. Read the summary box before applying.
Account features
Let's break it down
Who it's for
You can open this account if you:
- are 18 or over and a UK resident for tax purposes
- have a UK current account and mobile phone number
- won’t need access to your money for a year.
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4.22% AER/gross fixed interest on balances of £1 or more for 1 year from account opening. We pay interest after 12 months.
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No. This account has a fixed rate of interest, so the rate won’t change during the term.
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For example, if you pay in £1,000.00 when you open the account, the balance after 12 months will be £1,042.20 after interest is paid.
This assumes:
- interest is paid 12 months after you open the account
- you pay money in on the day you open the account
- you don’t add any more money.
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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
- have 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, 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 pay in 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 pay in up to a maximum of £750,000 in the account. After the 14 days are up, you can’t make any further deposits.
At maturity, if you ask us to move the money from your Fixed Saver into another Fixed Saver, you can’t add any more money. You can only add the interest you've earned, if you choose that option. Your fixed term will start on the day your original Fixed Saver matures.
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.
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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. Before this happens, we’ll contact you to explain your options. If you don’t choose a maturity option, we’ll pay your money into an Easy Access Saver if we can, or to your nominated account.
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Savings terms explained
Gross rate means we won’t take away 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.
This should be a current account in your name that you have with a bank or building society based in the UK.
All payments into your Fixed Saver need to come from your nominated account using faster payments. This is the only way to add money to your Fixed Saver. When you apply, we’ll ask for the sort code and account number of your chosen nominated current account.
Let's take a closer look
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You can only make payments into your Fixed Saver using your nominated account. This is a UK current account in your name that accepts direct debits. You gave us the details of this nominated account when you applied for your Fixed Saver. If you need to change your nominated account, call us.
When you move money to your MBNA Fixed Saver account, you need to include:
- Payee name: MBNA Savings
- Sort code: 30-00-00
- MBNA account number: 00200484
- Payment reference: Your unique reference number (URN).
It’s important to put your URN as your payment reference so we can make sure your savings reach your account.
Your fixed term starts on the day you open your account, even if you don't add money straight away. You have 14 days after opening your account to pay in as many times as you want. After that, you can't add any more money.
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You can find your unique reference number (URN) in the welcome email we sent after you opened your account.
When you pay money into your account, you must put this as your payment reference so we can make sure your savings reach your account.
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We’ll use credit reference agencies as part of an automated process to check your identity. These checks won’t affect your credit score.
You can find more information in the 'How we use your personal information to make automated decisions' and 'Credit Reference Agencies (CRAs)' sections of our full Privacy Notice.
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We work out interest on money you pay in, starting from the day it is added to your account balance. The amount of interest you get will depend on your account balance. We work out interest on the daily balance of your account. This is up to and including the day before it's closed and your savings and interest leave your account.
We don't take tax from the interest we pay you. You're responsible for paying any tax you owe.
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You can't close your account until it has matured. In rare situations, like your death, bankruptcy or serious illness, we may allow early access to your savings. This will be at our discretion, although we'll always give your representatives access if you die.
There’s no right to cancel the MBNA Fixed Saver.
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We’ll keep you up to date about your account using text messages and emails. Plus, we’ll send a statement at the end of the 12 months. Need something before then? Give us a call.
The 'Key features' section of the account conditions (PDF, 157KB) explains more about when we'll send you information.
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