Nationwide launches 5% savings account – who is eligible?

(Image credit: Bloomberg / Contributor via Getty Images)

published 29 May 2025

Nationwide customers can now earn 5% interest on their savings after the building society launched a new member exclusive bond.

The offer is one the best fixed savings accounts on the market right now, allowing Nationwide members to lock in an interest rate of 5% for 18 months.

The building society says 16 million customers are eligible for the savings rate, and they can place up to £10,000 in the account.

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The fixed rate savings account was announced alongside Nationwide’s ‘Fairer Share’ payment which will see them give £100 to eligible customers for the third year running.

Eligible Nationwide customers can open the Member Exclusive Bond or online or in a branch.

As a fixed rate savings account, you will not be able to withdraw your money until the 18 month term ends and there is no option to close the bond early.

The bond’s high rate of interest makes it by far the best fixed savings rate for Nationwide customers.

Members who save the maximum £10,000 would receive £762.50 in interest after 18 months, according to the building society – over £150 more than they would receive over the same period using Nationwide’s next highest-rate bond (4% 1 Year Fixed Rate Bond).

Thanks to the 5% interest rate, Nationwide’s member exclusive bond is the best 18 month fixed rate bond on the market at the moment – although it’s not open to everyone.

The second-highest interest rate for 18 month bonds is Oxbury Bank’s Personal 18 Month Bond Account (Issue 18), which pays 4.45%, according to MoneyFactsCompare. The account can be opened online with a minimum of £1,000 and a maximum of £500,000.

Secure Trust Bank also provides a competitive interest rate of 4.4% on their 18 Month Fixed Rate Bond (23.Dec.26). Customers can open the account online and save between £1,000 and £1 million.

Am I eligible for the Nationwide Member Exclusive Bond?

Nationwide says to qualify, customers must have been a member with them on 28 May 2025, and remain a member when you apply for the bond.

The vast majority of Nationwide’s customers will be able to save their cash at 5% for 18 months, with 16 million of their more than 17 million customers eligible, the building society said.

In order to qualify as a Nationwide member, all you need to do is hold a current account, savings account, or mortgage with the building society.

You will not qualify as a member, and be ineligible for the exclusive savings account, if you only hold a personal loan, credit card, investments, or products from Nationwide’s subsidiaries.

If you hold a business savings account with Nationwide, you will only qualify as a member if you hold it as a sole trader, partnership, or unincorporated body. If you hold the business savings account as a company, charity, or trustee you will not be a member.

Daniel is a digital journalist at Moneyweek and enjoys writing about personal finance, economics, and politics. He previously worked at The Economist in their Audience team.

Daniel studied History at Emmanuel College, Cambridge and specialised in the history of political thought. In his free time, he likes reading, listening to music, and cooking overambitious meals.