Nationwide customers could make up to £759 by making simple switch

NATIONWIDE customers can get a huge boost to their savings of up to £759 thanks to a new offer. 

The building society is Nationwide members exclusive access to a new Member Exclusive Bond account. 

AlamyNationwide is offering its customers a new savings account with a 5% fixed interest rate[/caption]

The 18-month fixed term account comes with a very attractive 5% interest rate – and it means you can get a great return on your savings.

You can put anything between £1 to £10,000 into the account. 

If you save away the maximum £10,000, you’ll get a huge return of £759 at the end of the 18 months.

According to Moneyfactscompare.co.uk, the best fixed-rate bond savings accounts up to one year offer rates of 4.45%. 

That makes the Member Exclusive Bond account one of the best options if you want to lock your money away in a fixed-rate account.

However there are some terms and conditions you’ll need to meet to be eligible to open the account.

Firstly you’ll need to be an existing Nationwide member – which just means you need to have a bank account, savings account or mortgage with the building society. 

You’ll also need to be aged 16 or over, be registered to use the internet bank and have a valid email address. 

Once you’ve started the process of opening an account, you’ll have two weeks to add funds to it. 

If you don’t make a payment into the account in that time then your account will be closed.

You can close the account within the same two-week timeline if you would like. 

But like with other fixed-term accounts, you won’t be able to take money out of the account or close it before the end of the term. 

The interest is paid annually on the date the account was first opened.

So if you opened your account tomorrow then you would receive your interest payment when the account matures on June 8 2026. 

What is a fixed-term account and what other options are there? 

A fixed-term savings account generally means your money is locked away for a fixed amount of time – such as one year, two years or five years. 

You’ll receive a fixed interest rate that won’t change over this time. 

Usually fixed-term accounts have higher interest rates than easy access savings accounts. 

Fixed accounts are best if you know you won’t need your money for a certain amount of time but want to get more return on your savings. 

If you want to be able to get your money more easily, you are better off looking at easy access savings accounts. 

These might offer unlimited withdrawals, or a set number of withdrawals per year. 

Another option for putting away your savings is to look at ISAs, which allow you to save up to £20,000 tax-free per year. 

You can either go for a Cash ISA which is more similar to having a standard savings account, or if you are willing to take on more risk you can look at Stocks and Shares ISAs. 

These let you use your tax-free ISA allowance to invest in the stock market. 

Of course, another option is to look at investing. You can see our ultimate beginner’s guide to investing here. 

What are the best interest rates around right now?

Cash ISAs are currently paying some of the best interest rates – although bear in mind you can only save away up to £20,000 in these per tax year.

The top easy-access rate right now is Plum’s 4.85% Cash ISA. 

This includes a 1.57% 12-month bonus, so it’s worth noting down to switch after a year as your rate will drop dramatically then. 

You should also be aware that your rate will drop if you withdraw more than three times a year, so this is best if you’re not planning to withdraw often.

A similar option is Chip’s Cash ISA deal, which has an interest rate of 4.82% but allows unlimited penalty-free withdrawals. 

If you have more than £20,000 to save, Atom Bank has an easy access account with a rate of 4.75%. 

However the interest rate drops in any month you withdraw so it’s best if you just want to store money.

If you’re looking for a one-year fixed account, Cynergy Bank pays the top rate at 4.4% and can be opened with a minimum of £1,000.

The top two-year fix is only slightly higher at 4.43% and it comes from Birmingham Bank.

It can be opened online with a minimum of £5,000.