The box for:
Save auto-recover information every 5 minutes
(Word Options, Save tab)
does not create a backup copy. It only saves auto-recovery information in case of a power outage when you are working on that document.

To create a backup copy, check the box for:
Always create backup copy
(Word Options, Advanced tab, Save section)
Note that there is only one backup copy for any particular document, and it is not created automatically but only when you resave that document. It is updated each time you resave the document. If you wish to retain previous backup copies ("versions"), you must do that manually (or install a plugin or VBA macro).

The backup copy will have a file extension of .wbk and will be named as "Backup of ..."