Fixed Saver

4.50% 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 £1,045.00 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.

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 can find your unique reference number in your welcome email.

When you pay into your account, you must put this reference on your payment instructions so we can make sure your savings reach your account.

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. 

You can only make payments into your Fixed Saver, using your nominated account. This is the UK personal current account held in your name, which accepts Direct Debits and which you selected when you applied for your Fixed Saver.  If you need to change your nominated account, please call us.

When you move money to your MBNA Fixed Saver account you need to enter:

• MBNA Savings as the payee name
• 30-00-00 as the sort code
• 00200484 as the eight-digit MBNA account number
• Your unique reference number as the payment reference

Your fixed term will start on the day your account's opened, even if you don't pay any money in straight away. You have 14 days after your account opening to make as many payments in as you like. After that, you can't pay in anymore.

We calculate interest on money you pay in from and including the day we add it to your balance. The amount of interest you get will depend on your account balance. We work out interest on the daily balance of your account, 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.

We may send you text messages to keep you informed about your account.

We send you a statement at the end of your account year. If you want information before then, give us a call. The 'Key features' section of the account conditions (PDF, 157KB) explains more about when when we'll send you information.

The only way to manage your account at the moment is to give us a call.

If you need help looking after your money, you can give someone you trust access to your accounts. Find out about the different options available and how to become or appoint a representative.

You can't close your account until it has matured. In exceptional circumstances, such as your death, bankruptcy, or serious illness, we may allow early access to your savings. This will be at our discretion, although we will always give your representatives access if you die.

There is no right to cancel the MBNA Fixed Saver.