July 30 2014 Latest news:

Savers with one of the high streets biggest providers can benefit from a new service that alerts them to rate changes.

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Savingswatch – which has been launched by nationwide Building Society – also lets customers know when bonus rates are coming to an end.

People who hold accounts paying variable rates will be the first to have access to Savingswatch, but Nationwide said it might be rolled out to all savings customers in due course.

Savers who register for the service can opt to receive texts or emails advising them when rates move up or down.

“We have launched Savingswatch to help keep savers better informed about variable rate changes and new variable rate products as they become available,” said Richard Marriott, the society’s head of savings.

“[We are] 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.”

Susan Hannums, director at Savingschampion.co.uk –which runs its own rate Tracker service – said: “Savingswatch is progress, but it covers only their products.

“Although Nationwide offers some competitive rates, savers need to be able to check the whole of the savings market to ensure they’re getting the best rates available.”

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