Nationwide launches 5.3% Member Exclusive Bond

Nationwide building society has introduced a Member Exclusive Bond, a fixed-rate savings account offering 5.3% interest. The product features a 30-month fixed term and is available to existing members of Nationwide or Virgin Money.

Deposits for the account range from £1 to £10,000. Savers who deposit the maximum amount of £10,000 are projected to receive approximately £1,381 in interest upon maturity. The account requires initial deposits to be made within 14 days of opening, and funds are locked for the full 30-month duration with no withdrawals permitted before maturity.

To be eligible, applicants must be at least 16 years old and have held a qualifying account with Nationwide or Virgin Money as of 2 November. The launch follows the Bank of England raising its main base rate to 4%.