Nationwide SavingsWatch reaches 150,000 subscribers

More than 150,000 savers are benefitting from Nationwide's SavingsWatch, which was launched just three months ago.

SavingsWatch proactively advises savers of variable rate changes that might affect the way they save. If the Society changes variable savings rates, up or down, it will let savers know by email or SMS - whichever they choose. And if a new variable rate savings account is launched that might better suit a customer's needs, Nationwide will tell its customers about that too.

Recent research from Nationwide Building Society shows more than half (52%) of savers are unaware of the rate they receive on their savings. Three out of five (59%) of savers think financial providers do not do enough to help savers in the low interest rate environment.

Nationwide is committed to being open and transparent and SavingsWatch means registered savers will always know if the Society changes their variable rate, regardless of the size of the change and how much they have in their account.

Richard Marriott, Nationwide's head of savings, said: "The Government and the Bank of England continue to look at ways to boost the UK economy. While these measures can be of benefit to borrowers, the needs of prudent savers are being ignored.

"In a low interest rate environment, it is more important than ever to keep an eye on the rate you are receiving on your savings, but with people living increasingly busy lives, it is often a forgotten task.

"SavingsWatch means Nationwide variable account savers will automatically be informed of a rate change affecting them as well as keeping them informed of new variable deals they may like to move their money to.

"More than 150,000 savers are already benefitting from SavingsWatch, but I'm hoping all eligible savers will sign up.

"This is the sort of clear and transparent information all savings providers need to offer their customers."