yes, it certainly will although the bundled cells are unprotected ones.
More importantly, you should be aware that this is a basic charger that charges 2 cells in series rather than having 2 separate channels (notice the single indicator light on the charger). Hence, it is important to ensure that both cells are of equal charge before you recharge the cells. Ideally, you should use it to charge 1 cell at a time.
Alternatively, you may want to get a better charger with 2 separate channels such as the one here:
http://www.kaidomain.com/WEBUI/ProductDetail.aspx?TranID=2901
