Why choose our Member Exclusive Bond?

Interest rate

1.50% AER/gross a year (fixed), for 18 months

Access to your money

Only when your term ends otherwise a charge will apply

Manage your money

In branch
Online

Designed for:

  • Savers who have a Nationwide current account, mortgage or savings account, opened on or before 15 October 2019
  • Savers who want to open their account in branch
  • Savers willing to lock away their money for a set amount of time
  • Savers who have a lump sum to deposit (up to £5,000 for an individual account and up to £10,000 for a joint account)
  • Savers looking for an interest rate that won’t change

Not designed for:

  • Savers who did not have a Nationwide current account, mortgage or savings account on or before 15 October 2019
  • Savers who want to open their account online
  • Savers who want instant access to their money
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Account details

Explore the key features and benefits of this account in our Summary Box before moving on to start your application.

Summary Box

Account name

Member Exclusive Bond

What is the interest rate?

You can find the details of the interest rate in the table below.

Term Monthly interest rate (fixed) Annual interest rate (fixed)
AER Gross per year AER Gross per year
18 months 1.50% 1.49% 1.50% 1.50%

Interest is calculated daily.

If you choose for interest to be paid annually:

Interest is paid at the end of the day before each anniversary of the account opening, at the end of the fixed term and on the date the account is closed. You can choose to have interest paid to you by having it added to your account, or by asking us to pay it into a different Nationwide current or savings account (as long as it is possible to make interest payments into that account) or a current account with another building society or bank.

If you choose for interest to be paid monthly:

Interest is paid at the end of each month, at the end of the fixed term and on the date the account is closed. The interest must be paid into a different Nationwide current or savings account (as long as it is possible to make interest payments into that account) or a current account with another building society or bank.

If you open your account towards the end of the month your first interest payment may not be paid until the end of the following month. The final interest payment, when the account matures, is added to the Member Exclusive Bond.

Can Nationwide change the interest rate?

No, the interest rate on this account is fixed for the term of the Member Exclusive Bond and cannot be changed.

What would the estimated balance be at the end of the fixed term based on a £5,000 deposit?

Annual

Term Interest rate (fixed) Balance at end of term
AER Gross per year
18 months 1.50% 1.50% £5,113.06

The table above shows the estimated balance on a deposit of £5,000 at the end of the fixed term with the fixed rate shown where interest is paid annually into the account.

Monthly

Term Interest rate (fixed) Balance at end of term Total interest payable
AER Gross per year
18 months 1.50% 1.49% £5,006.25 £112.50

The table above shows the estimated balance on a deposit of £5,000 for the fixed term with the fixed rate shown where interest is paid monthly into another account. Only the final month’s interest payment is shown as being added to the account in the “Balance at end of term” column, as per the Key Product Information. We’ve also shown you how much interest would be payable over the fixed term in the “Total interest payable” column – this includes interest for the final month which would be added to your Member Exclusive Bond.

The estimated balances are for illustration only and assume that:

  • the Member Exclusive Bond is not closed before the end of the fixed term.

How do I open and manage my account?

To open this account you must:

  • be a UK resident aged 16 or over
  • have been a member since 15 October 2019 (or earlier) - this applies to both of you if opening a joint account.

You can have up to two joint account holders each with a maximum balance up to £5,000.

You can open the account with a minimum of £1 up to a maximum of £5,000 or £10,000 for a joint account.

If you’re aged between 7 and 15 and already hold a Nationwide Fixed Rate Bond, or previously held money in a fixed rate bond which has been transferred to a Fixed Term Bond Maturity account, you’re able to open a new Member Exclusive Bond, but only after the term of the existing fixed rate bond ends.

Please note: This is a lump sum account so you can’t add more money to the account once it has been opened.

You can open this account:

  • in branch only.

You can manage this account:

  • via the Banking App or Internet Bank (if you are registered)
  • in branch
  • online at nationwide.co.uk/bond1 and by post (for maturity instructions only).

At maturity, it’s easy to move your savings between your existing Nationwide savings accounts or to open a new savings account with us. Simply go to nationwide.co.uk/savings-accounts, use our Internet Bank or Banking app or visit us in one of our branches.

Can I withdraw money?

Yes, but this account doesn’t allow part withdrawals. You can close the account and withdraw the whole of the balance during the fixed term, subject to payment of an early access charge.

Once the account is open, there is a 14 day cancellation period where you will be able to cancel your Member Exclusive Bond. After this period if you do close the account early the early access charge will apply. The amount of the early access charge will depend on the length of the fixed term and will be based on a number of days’ interest at the rate applicable to the Member Exclusive Bond as detailed in the table below.

Term Early Access Charge
18 month Member Exclusive Bond 180 days’ interest

If there is insufficient earned interest to cover the early access charge then the difference will be taken from the money in the account. The money in the account, together with any interest earned and minus the early access charge, will be paid to you on closure of the account.

At the end of the term, your Member Exclusive Bond will mature into an instant access account, giving you instant access to your money. We’ll contact you before your Bond matures, with more information.

Additional information

We’ll send you a certificate within a few days of opening your account, outlining your account balance and interest rate.

Interest rate definitions explained:

  • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year
  • Gross per year is the interest rate without tax deducted.

The treatment of your account for tax purposes will depend on your individual circumstances and you may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information please visit HM Revenue & Customs’ (HMRC) website hmrc.gov.uk. The tax information provided is based on our understanding of current law and HMRC practice, both of which may change.

The interest rates and information in this summary box are effective from 16 October 2019.

This Summary Box sets out key features of the savings account. For full details, please read the account terms and conditions.

Before you apply, please make sure you read the Summary Box and Terms and Conditions in full and print a copy for reference.

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