Nationwide launches savings account with ‘market leading’ 5.3% interest
Summary
Nationwide has launched a fixed-rate savings bond paying 5.3% for 30 months, available only to eligible members. Savers can deposit £1 to £10,000, but cannot withdraw money until the term ends.Key Facts
- The Member Exclusive Bond is available to Nationwide members who meet the eligibility rules.
- The bond pays a fixed 5.3% interest rate over 30 months.
- Savers can deposit between £1 and £10,000.
- A saver who deposits £10,000 would earn £1,381 in interest by the end of the term, according to the article.
- The account can be opened in a branch, online or through Nationwide’s app.
- Deposits are allowed only during the first 14 days after the account is opened, and each saver can open one bond.
- Applicants must be at least 16 and have held a qualifying Nationwide or Virgin Money account since at least 2 November.
- The article says the Bank of England raised its base rate to 4% shortly before the bond launched.
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