These Product Terms and Conditions are specific to your savings product. They form part of your savings account’s terms and conditions, so you need to read these along with the other documents that make up your agreement.

Your Product Terms and Conditions have priority over anything that’s said differently in another part of your agreement.

Member Exclusive Online Bond

This product is for existing members of Nationwide. It's designed for people who want to save knowing that the interest rate won't change for a fixed period, who won't need to get hold of their money during that period and who want to manage their account online. You'll be a member if you hold a product which gives you membership rights, for example a current account, savings account or mortgage.

Key terms you need to know

‘Nominated Account’ is an account you're named on that can accept payments from your Member Exclusive Online Bond. This account must be:

  • a Nationwide current account or savings account; or
  • a current account with another UK provider that accepts Faster Payments.

Conditions for holding your account

You need to be aged 16 or over.

You can't have more than £10,000 in your account. This limit doesn't include any interest calculated on your account balance and added to your account.

Your account can be in sole or joint names and you can have a maximum of two joint account holders. All account holders must meet these conditions for holding the account.

You must be registered to use the Internet Bank and have a valid email address.

You can only have one Member Exclusive Online Bond or one Member Exclusive Branch Bond at any time. This applies whether you hold the account in your sole name or jointly with someone else.


Your account has an 18 month fixed term beginning on the day you open your account.

After the fixed term ends, we'll transfer your account to an instant access savings product. The terms and conditions and the interest rate for that product will then apply. We'll tell you personally before we transfer your account.

Managing your account

You run your account using the Internet Bank or our Banking app. If the Internet Bank isn't available, you can use a Nationwide branch instead.


The interest rate payable on your account is fixed for the term. We'll provide you with the interest rate for your Member Exclusive Online Bond when you open it.

Starting the day after we open your account, you’ll have 14 days to pay money into it. Money in your account will only start to earn interest on the day we receive it, so it's a good idea to pay money in as soon as you can. For example, if you wait until day 14 to pay money into a Member Exclusive Online Bond, you'll get interest for 351 days in the first year (352 days if it includes 29 February).

We'll pay interest into your account on the anniversary of your account opening and at the end of the term.

If you open your account on 29 February, we'll pay your interest on 28 February.

We'll also pay interest when you close your account.

Please note that this product is excluded from point 5 of our ‘Savings Promises to you’ (which are set out in Section 01 of Our Savings Terms and Conditions). This is our rate guarantee when you take out another Fixed Rate Branch Bond. It doesn't apply to the Member Exclusive Online Bond because at the end of the fixed term we'll always transfer your money into an instant access savings product, rather than first giving you the option to open a new Online Bond.

Paying money into your account

You have 14 days starting the day after we open your account to pay money into it. You can do this by electronic transfer.

From day 15, you can't make any more payments in, and if at this point no money has been paid in, your Member Exclusive Online Bond will be closed.

If you try to pay money into your account from day 15 onwards, the payment will be rejected. Any rejected electronic transfers will be returned to the account the transfer was made from.

Taking money out of your account

If you change your mind after you open your account, you have 14 days starting the day after we open your account to close it (see Section 14 of Our Savings Terms and Conditions).

You can only close your account using the Internet Bank.

If you close your account within those 14 days, we'll return the money you've paid in and pay you any interest you've earned.

If you don't close your account within the 14 day period, you can't normally take any money out of your account or close it before the end of the fixed term. (As no payment services are available on your account after the 14-day period the right to close your account that we refer to in Section 15 of Our Savings Terms and Conditions doesn't apply).

You can take money out during the 14-day period in one of the following ways:

  • by electronic transfer to your Nominated Account
  • by internal transfer to a current account or savings account you have with Nationwide (as long as it accepts payments).

If your Nominated Account is with Nationwide, we'll send your money by internal transfer. And if your Nominated Account is with another UK provider, we'll send it by Faster Payment.

There may be limits on the amount of money you can take out of your account, depending on the way you choose to take it out. You can find out more by asking in branch or on

If we can't send your money to your Nominated Account as a single Faster Payment because the amount exceeds the limit, you'll need to go into one of our branches to close your account. Here you'll be able to arrange to transfer your money to your Nominated Account by making a number of Faster Payments.

Changes to your terms and conditions

In Section 12 of Our Savings Terms and Conditions, we say what happens if you don't want to accept a change we make to your terms and conditions. Where we make a change that affects your Member Exclusive Online Bond's terms and conditions, the approach is slightly different. If the law doesn't require us to give you two months' notice and the change doesn't disadvantage you, you won't be able to close your account before the end of the fixed term.

Important related links

Protecting your money

The Financial Services Compensation Scheme (opens in a new window) (FSCS) is a free, independent service that protects up to £85,000 of your eligible money at Nationwide.