Nationwide has launched a fixed-rate savings account paying 5.3% a year, described as market-leading, for its existing members. The Member Exclusive Bond runs for 30 months and was launched on 3 November, just two days before the Bank of England raised its base rate to 4%.

What the bond offers

The bond pays 5.30% AER, fixed for the full 30 months. Savers can deposit between £1 and £10,000, and Nationwide says someone saving the full £10,000 would receive £1,381.92 in interest over the term. Only one account is allowed per saver, money can only be paid in during the first 14 days after opening, and the funds cannot be touched until the term ends. Interest is paid on each anniversary of opening and at the end of the term.

Who can open one

The account is only for Nationwide members. Applicants must be aged 16 or over and must have held a qualifying Nationwide or Virgin Money current account, savings account or mortgage since at least 2 November 2026. The bond can be opened in a branch, online or through Nationwide's app, and a branch version paying the same rate is also available. Nationwide says it has more than 19 million members.

Why the rate stands out

The launch came just before the Bank of England's first rate rise in more than three years, with the Monetary Policy Committee voting eight to one to lift Bank Rate from 3.75% to 4% on 5 November. Nationwide has also said it will raise its variable savings rates by up to 0.25% from 1 December. Comparison site Moneyfacts' figures show the bond is the leading deal for its term, although RCI Bank UK pays the same 5.3% on a two-year fix. Savers should note the money is locked away for 30 months, so the account suits money that will not be needed before then.