Nationwide launches 5.3% savings account: what members need to know about market-leading interest
A fixed-rate offer for members
The Member Exclusive Bond pays 5.3% over a fixed period of 30 months. Nationwide says the offer is part of its effort to reward existing members, a group numbering more than 19 million.
Deposits can range from £1 to £10,000. A saver who puts in the maximum would receive £1,381 in interest when the term ends.
Rate outlook after increase
The Bank of England has raised its base rate, but Katie Horne of savings platform Flagstone said banks had already been factoring in an expected increase when setting fixed-term savings rates. Horne said a single 0.25% rise was not expected to push fixed rates much higher. This suggests the Nationwide offer may continue to compare favourably, though the account’s rate is fixed for its term.
Who can apply and how
Applications can be made in a Nationwide branch, online or through the building society’s app. Deposits are accepted only during the first 14 days after the account is opened.
Key points
- Nationwide’s Member Exclusive Bond pays 5.3% fixed interest for 30 months.
- Members can deposit up to £10,000, which would earn £1,381 in interest.
- Applicants must be at least 16 and hold a qualifying Nationwide or Virgin Money account.
- Deposits are allowed only during the first 14 days, with one account per saver.