- Nationwide has launched a savings account for members paying 5.5%
- The account has a term of 18 months and no funds can be withdrawn before it expires
- We look at how it compares to other fixed-rate accounts
Nationwide Building Society has launched an 18-month fixed rate account paying 5.5 per cent.
The new ‘Member Exclusive Bond’ is only available to Nationwide members.
The bill was revealed today in the final results of the mutual partnership, alongside Nationwide’s £100 ‘Fairer Share’ payment and a £200 member exchange bonus.
This is now the best fixed rate savings bond on the market, beating the best 18 month and one year fixed rate accounts with a £10,000 deposit.
The best of the best? Nationwide has launched an 18-month fixed rate savings account exclusively for members at a rate of 5.5%
About 16 million people will be able to get this savings account, a sign that Nationwide will reward members for their loyalty and retain them as members.
You can open the account online via internet banking, in the Nationwide mobile app or in a branch.
To get the account, members had to have a National checking, savings or mortgage account on May 22, 2024 and at the time of registration.
The biggest problem, however, is that the maximum a saver can deposit into this account is £10,000. A saver keeping this amount in the account would earn £840.81 in interest at the end of the term.
This account now takes the top spot for an 18-month fixed rate account on This is Money’s best buy tables.
The next best deal is United Trust Bank’s 18-month bond, which pays 5 percent.
The best one-year fixed rate bond pays 5.2 percent and is offered by Access Bank. A saver who puts €10,000 in this account would earn €532.57 at the end of the term.
Savers cannot withdraw money from the Nationwide account until the 18-month period has expired. Interest is paid annually on the anniversary of the opening and the due date of the account.
MoneyComm’s Andrew Hagger said: ‘It is the highest fixed rate bond on the market at 5.5 per cent for 18 months.
‘It’s a nice added benefit for loyal Nationwide customers, although I’m sure some would have liked to see a higher maximum balance than the £10,000 on offer.
‘Combined with the £100 fairer share payment being made for the second year running, the overall loyalty package should help deter people from switching from Nationwide to a rival provider in search of a ‘golden hello’ type cash payment.”
> This is a Money exclusive: Get 5.78% interest with this account with 365 days notice that beats the best one-year fixes