Nationwide building society has introduced a new fixed‑rate savings product, the Member Exclusive Bond, offering a 5.3% annual interest rate over a 30‑month term. The account is available only to Nationwide members, a group that numbers more than 19 million.
Customers can deposit between £1 and £10 000. A full £10 000 deposit would earn £1 381 in interest by the end of the term. The bond can be opened at a branch, online or through the Nationwide app, but the money must be locked away for the full 30 months; it cannot be withdrawn until the term ends.
Nationwide says the product is part of its commitment to reward loyalty. The account is limited to one per saver and can only be funded within the first 14 days after opening. Applicants must be 16 or older and have held a qualifying Nationwide or Virgin Money account since at least 2 November.
The launch came just days before the Bank of England raised its base rate to 4%, a move that many experts say will make fixed‑rate savings accounts like Nationwide’s more attractive. “Banks have been building an anticipated hike into the rates they offer on fixed‑term savings accounts for several months now,” notes Katie Horne of Flagstone.
Source: The Guardian World
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