A savings account paying “market-leading” 5.3% interest was launched this week by Nationwide building society. It’s only for Nationwide members – but there are more than 19 million of them.

The account was launched just a couple of days before the Bank of England pushed up the main base rate to 4%, a move that will be welcomed by many savers.

Nationwide says the fixed-rate account is part of its commitment to reward existing members for their loyalty. The Member Exclusive Bond has a 30-month term, and you can pay in from £1 to £10,000. Someone saving the full £10,000 would receive £1,381 in interest at the end of the term.

Many experts think that 5.3% fixed rate will still look good after Thursday’s base rate hike.

“Banks have been building an anticipated hike into the rates they offer on fixed-term savings accounts for several months now,” says Katie Horne at the savings platform Flagstone.…