The new account forms part of a hat-trick of good news for Nationwide customers alongside its £100 'Fairer Share' payment announcement and a new £200 switching bonus for existing customers.
Who can get the new Nationwide savings account?
The Member Exclusive Bond is only available to current Nationwide members whose membership began on 28 May 2025 or before. This means that you cannot open a different Nationwide account now in order to access the Member Exclusive Bond.
Members are customers who hold a Nationwide savings account, current account or mortgage. Sole traders or members of a partnership who have a business savings account are also considered members by Nationwide. Customers who only have a credit card, personal loan or investment account will not be eligible. Nationwide has said that this means 16 million people will be eligible for the new account.
Is Nationwide's Member Exclusive Bond easy access?
No, you will not be able to withdraw the money until the end of the 18-month fixed term. There is no option to close the bond early and you will not be able to access any cash you deposit before the bond ends. This means that you should be certain that the money you put away will not be needed in the next 18 months. If you want a more flexible option, check out our 'Best Easy Access Savings Accounts in the UK' page.
These restrictions are common among fixed-rate bonds and are part of the trade-off of getting a higher rate of interest. If you are able to deposit the maximum £10,000 when you open the account, you will have earned £762.50 in interest by the time the bond ends. This is much more than you would get saving the same amount of money in Nationwide's next-best fixed rate bond, which only pays out 4% for a one-year term. However, if you have more than £10,000 to save, or want to make regular deposits rather than a lump sum, you may be able to get a better deal elsewhere or with a different type of savings account.
How else can you get a 5% return on your savings?
Luckily for those who do not qualify for Nationwide's Member Exclusive Bond, there are other ways to earn 5% interest on your savings. Unfortunately, the majority of these options are 'regular savers', which limit how much you are able to put in each month, or accounts that come with over caveats. Regular savings accounts will suit people who only have a limited amount of money to put away each month rather than a lump sum, and these types of accounts currently pay up to 7.5% interest.
You can read more in our article 'How to get more than 5% interest on your savings'.
We also regularly update our 'Best Fixed Rate Bonds in the UK in 2025' page with all of the savings options that do not require any existing accounts to open. You should also check out this page if you want to save more than £10,000 in the same account.
£200 Pension Cashback Offer
Make a qualifying deposit or transfer a pension to our partner Interactive Investor.
- Deposit or transfer a pension of at least £20k and you could earn £200 cashback
- Terms and Fees apply, Capital at risk
- New & Existing customers opening a SIPP
- Offer ends 30th June 2026
Before starting your transfer, check you won't lose any valuable benefits (such as guaranteed annuity rates or a lower protected pension age) and find out what exit fees you might have to pay
