The UK's Nationwide Building Society has launched an e-mail and text alert service to proactively advise savers of rate changes and product launches.
The 'SavingsWatch' service is available to customers with variable rate savings accounts, who can opt to receive a text or email advising them when Nationwide changes rates, regardless of whether the rate is moving up or down. Users will also receive alerts about new variable rate product offers.
The service tackles one of the main consumer gripes about the savings account market, where customers are attracted to table-topping interest bearing accounts on launch, but not informed when the headline rate is reduced or superseded by new products.
Richard Marriott, Nationwide head of savings, says: "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."