Nationwide launches savings account offering 5.3% interest
The building society's new fixed-rate account for its 19 million members comes ahead of a Bank of England base rate increase.
At a glance
- Nationwide's new savings account offers 5.3% fixed interest over 30 months
- Available only to Nationwide's 19 million members
- Launched ahead of Bank of England base rate rise to 4%
- Experts expect the rate to remain competitive post-increase
Nationwide building society has introduced a savings account offering 5.3% interest on a 30-month fixed-rate term, which the organisation describes as market-leading. The account is available exclusively to Nationwide members, of which there are more than 19 million.
The launch occurred shortly before the Bank of England raised its base rate to 4%. Analysts suggest the account's interest rate should remain competitive even after the rate increase.
Why it matters
Savers have faced low returns for years; higher interest rates now offer better returns on savings accounts, though rates may shift as central banks adjust monetary policy.
Original reporting
- The Guardian — BusinessNationwide launches savings account with ‘market leading’ 5.3% interest
- The Guardian — WorldNationwide launches savings account with ‘market leading’ 5.3% interest
This brief was written with AI assistance from the reports listed above and checked against our editorial policy. Spotted an error? Request a correction.
