MBNA unveils first ever savings product offering 5% return on cash - is it any good?

Credit card provider MBNA has entered the savings market with a one-year fixed account. How does the rate compare to other deals on the market?

Putting a coin in a white piggy bank at home
(Image credit: Guido Mieth)

Lloyds Bank owned MBNA has stepped foot in the savings space for the first time today (16 February) with the launch of a one-year fixed-term account.

MBNA, traditionally known for its credit card offering was acquired by Lloyds in 2016, and will offer savings for the first time, offering a competitive 5% AER on its one-year fixed saver

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Vaishali has a background in personal finance and a passion for helping people manage their finances. As a former staff writer for MoneyWeek, Vaishali covered the latest news, trends and insights on property, savings and ISAs.

She also has bylines for the U.S. personal finance site Kiplinger.com and Ideal Home, GoodTo, inews, The Week and the Leicester Mercury.