Nationwide Building Society has introduced a new savings account offering a 5.3% fixed interest rate, described as market-leading. The account, called the Member Exclusive Bond, is available exclusively to Nationwide’s over 19 million members and has a 30-month term. Savers can deposit between £1 and £10,000, with the maximum deposit earning £1,381 in interest over the term.
The launch comes just days before the Bank of England raised the base rate to 4%, a move likely to benefit savers. Nationwide positions the account as a reward for member loyalty. Experts, such as Katie Horne from savings platform Flagstone, suggest that the 5.3% rate will remain competitive even after the base rate hike, as banks have already factored in anticipated increases.
The account can be opened online, in-branch, or via the Nationwide app, but funds are locked in for the full term, with no early access allowed. Deposits are only accepted within the first 14 days after opening, and each saver is limited to one account. Applicants must be at least 16 years old and have held a qualifying Nationwide or Virgin Money account since at least November 2, 2026.
While the rate is attractive, the account is best suited for those who do not need immediate access to their savings. For shorter-term needs, an instant access account may be more appropriate.