Nationwide launches SavingsWatch

Nationwide Building Society is launching ‘SavingsWatch'. Savers with variable rate accounts at Nationwide are being offered a new alert service highlighting rate changes and new products.

Savers who register for the service can opt to receive a text or email advising them when Nationwide changes rates, regardless of whether the rate is moving up or down.

Registered ‘SavingsWatch' customers will also receive emails containing details of new variable rate product launches, making them among the first to know of new savings accounts that may be suitable for their needs. Savers with accounts including a bonus rate will also receive an alert when the bonus rate expires advising them of this.

The new service offers clear and transparent information for savers and builds on the success of the Society's Savings Promises launched in 2010. In the last financial year, more than 100,000 members have opened loyalty accounts benefitting from more than £3m in additional interest. Cash ISA customers have benefitted from additional interest of £1.5m, due to our promise that savers transferring their cash ISA to Nationwide will earn interest from the day the Society receives their cash ISA transfer application.

Richard Marriott, Nationwide head of savings, said: "Nationwide is committed to doing more to help savers and we have launched SavingsWatch to help keep them better informed about variable rate changes and new variable rate products as they become available.

"Nationwide is the first savings provider to commit to offer this service to send our savers an alert by text or email. We believe this is the sort of clear and transparent savings information that every savings provider should be giving to their customers.

"Since their launch in 2010, our Savings Promises have proved to be a big success among our savers. SavingsWatch is the latest step in the Society's commitment to savers and demonstrates our endeavour to be on your side."