Nationwide is offering a new service to thousands of savers that could alert them to the best new fixed rate savings deals as they come out.
Its SavingsWatch service now allows users to register to be told about any new fixed rate savings deals that are offered by Nationwide, the UK’s biggest building society.
The SavingsWatch service was launched in June and 180,000 Nationwide savings account customers have already signed up to it. The service allows them to be sent emails or text messages alerting them if variable account rates changes. Now the service has been extended to fixed rate savings products.
The service, if operated by National Savings & Investments (NS&I) would have informed account holders of their Direct Isa that rates were being cut from 2.5 per cent to 2.25 per cent when NS&I made the rate cut yesterday.
The service from Nationwide also acts as a very helpful reminder of when the bonus rate expires on a savings product.
Rates on many fixed rate savings deals have fallen in recent weeks amid unfounded concerns that the Bank of England may cut base rate beyond its current record low level of 0.50 per cent to 0.25 per cent.
There has been no hint or indication that this is any more than a possibility in the minutes from the last few meetings of the Monetary Policy Committee (MPC).
Richard Marriott, Nationwide's head of savings, said: "In the current market it is more important than ever for savers to keep an eye on the rate of interest they are being paid.
Nationwide is open and transparent with its savers and is committed to keeping them informed of changes that may affect them.
"Savers want to be confident that they are getting the best deal from Nationwide. SavingsWatch offers customers reassurance that they will be kept informed about rate changes and new account launches that may offer them a better deal. We believe this is the sort of service that every savings provider should be giving to their customers."
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