Brits feel in the dark over savings rates

Latest research from Nationwide Building Society has shown that more than half (52%) of savers are unaware of the rate they are receiving on their savings.

62% saying they are not sure they are getting the best savings rate that their bank or building society offers them. While three out of five (59%) savers think that financial providers do not do enough to help savers in the low interest environment.

Although, almost three fifths (57%) of savers agree that it pays to save, the economic climate is having an impact on people's ability to save, with 47% saying they are saving less now than they were a year ago.

Conditions remain difficult for savers and many feel they are being kept in the dark over the rate they are receiving and the best deals that providers offer. Nationwide has launched SavingsWatch where registered variable rate savers receive a text or email advising them when the Society changes its rates and an email letting them know when a new variable rate savings product is launched.

Richard Marriott, Nationwide's head of savings, said:  "The current economic environment has proved a challenge for savers and many continue to find it difficult to keep track of the rate they are receiving and to find out if there is a better account for their money.

"As the second biggest savings provider in the UK, Nationwide recognises the important role it has to play in helping to make the savings market more transparent for savers.

"SavingsWatch subscribers are proactively advised of changes in their rates and new products that are launched. They can be confident that they won't feel in the dark with Nationwide.

"We think this is something that every savings provider should be doing."