Nationwide is providing the fixed-rate product to qualifying customers who can deposit between £1 and £10,000 across digital channels or physical branches. Reaching the maximum deposit threshold generates £1,381 in interest over the course of the 30-month term. However, participants face strict restrictions, including a mandate to deposit all funds within the first 14 days of account opening.
Key points
Eligibility is restricted to individuals aged 16 or older who have held qualifying Nation…: Eligibility is restricted to individuals aged 16 or older who have held qualifying Nationwide or Virgin Money accounts since 2 November.
Customers are limited to opening a single bond and must deposit all funds within 14 days…: Customers are limited to opening a single bond and must deposit all funds within 14 days of opening.
The bond is accessible through Nationwide branches, the mobile banking app, and the build…: The bond is accessible through Nationwide branches, the mobile banking app, and the building society's website.
Sources checked by our analysis pipeline: 1
A savings account paying “market-leading” 5.3% interest was launched this week by Nationwide building society. It’s only for Nationwide members – but there are more than 19 million of them.
The account was launched just a couple of days before the Bank of England pushed up the main base rate to 4%, a move that will be welcomed by many savers.
Nationwide says the fixed-rate account is part of its commitment to reward existing members for their loyalty. The Member Exclusive Bond has a 30-month term, and you can pay in from £1 to £10,000. Someone saving the full £10,000 would receive £1,381 in interest at the end of the term.
Many experts think that 5.3% fixed rate will still look good after Thursday’s base rate hike.
“Banks have been building an anticipated hike into the rates they offer on fixed-term savings accounts for several months now,” says Katie Horne at the savings platform Flagstone. “A single 0.25% base rate increase isn’t expected to move fixed rates much further.”
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