Nationwide Building Society customers are being urged to switch to one of the financial institution's savings accounts to potentially receive returns of up to £759.
The building society has launched a new Member Exclusive Bond offering a five per cent interest rate over 18 months, which could deliver returns of this amount on the maximum deposit of £10,000.
The fixed-term account, available exclusively to existing Nationwide members, significantly outperforms current market savings rates.
According to Moneyfactscompare.co.uk, the best fixed-rate bond savings accounts up to one year currently offer interest rates of 4.45 per cent.
Nationwide is offering deals for customers GETTY / NATIONWIDE Members can deposit between £1 and £10,000 into the account. Those investing the maximum amount would receive £759 in interest when the account matures after 18 months, making it one of the most competitive fixed-rate options available.
This offering from the building society comes after Nationwide announced a new Fairer Share Payment, with more than four million eligible members set to receive £100 each.
The payment is set to be distributed directly into members' Nationwide current accounts between June 18 and July 4, 2025.
To qualify for the payment, members must use Nationwide for their everyday banking whilst also holding a qualifying savings or mortgage product with the building society.
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The Bank of England has kept interest rates high due to stubborn inflation GETTY This latest distribution follows last year's record-breaking member returns, when Nationwide delivered £2.8billion in total value to its members.
The Fairer Share Payment forms part of £1billion in direct payments made to eligible members over the past year. Nationwide is also introducing a £200 member-only switching incentive as part of its enhanced benefits package.
These new offerings come as Britain's largest building society reported record statutory profit before tax of £2.3billion.
Nationwide also delivered £1.8billion in better than average rates and incentives, with deposit rates over 30 per cent higher than competitors.
The building society achieved record growth in retail deposits and net mortgage lending, helping more first-time buyers than any other UK lender.
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Britons are looking to bolster their savings GETTY To open the Member Exclusive Bond, customers must be existing Nationwide members with a bank account, savings account or mortgage with the building society.
Applicants need to be aged 16 or over, registered for internet banking and have a valid email address.
Once the account opening process begins, members have two weeks to add funds or the account will close automatically. Withdrawals are not permitted during the 18-month term, with interest paid annually on the account opening date.
The account can be closed within the initial two-week period, but early closure after this point is not allowed, in line with standard fixed-term account conditions.
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