Nationwide

Nationwide

June 13, 2012 06:52 ET

Nationwide Launches SavingsWatch

New email and text alert service to proactively advise Nationwide's savers of rate changes and product launches

LONDON, UNITED KINGDOM--(Marketwire - June 13, 2012) - From 13 June 2012, Nationwide Building Society is launching 'SavingsWatch'1. Savers with variable rate accounts at Nationwide are being offered a new alert service highlighting rate changes and new products.

Savers who register for the service can opt to receive a text or email advising them when Nationwide changes rates, regardless of whether the rate is moving up or down.

Registered 'SavingsWatch' customers will also receive emails containing details of new variable rate product launches, making them among the first to know of new savings accounts that may be suitable for their needs. Savers with accounts including a bonus rate will also receive an alert when the bonus rate expires advising them of this.2

The new service offers clear and transparent information for savers and builds on the success of the Society's Savings Promises* launched in 2010. In the last financial year, more than 100,000 members have opened loyalty accounts benefitting from more than £3m in additional interest. Cash ISA customers have benefitted from additional interest of £1.5m, due to our promise that savers transferring their cash ISA to Nationwide will earn interest from the day the Society receives their cash ISA transfer application.3

Richard Marriott, Nationwide head of savings, said: "Nationwide is committed to doing more to help savers and we have launched SavingsWatch to help keep them better informed about variable rate changes and new variable rate products as they become available.

"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.

"Since their launch in 2010, our Savings Promises have proved to be a big success among our savers. SavingsWatch is the latest step in the Society's commitment to savers and demonstrates our endeavour to be on your side."

A consumer guide to SavingsWatch featuring Richard Marriott is available at http://youtu.be/EzgdFtKLf84. Please feel free to embed onto your website from Wednesday.

About Nationwide Building Society:

- Nationwide Building Society is the world's largest building society, the UK's second largest savings provider and third largest mortgage lender. It is also a major provider of current accounts, ISAs, credit cards and personal loans.

- With around 16 million members, Nationwide has a relationship with almost a quarter of the UK population. In the first half of 2010/2011 alone we helped 10,000 people buy their first home

- Since the credit crunch began in 2007, Nationwide has remained profitable against a very difficult economic environment. In the year 2010/11 Nationwide made a strong underlying profit of £276 million - up 30% from the previous year

Notes to editors:

1 Initially 'SavingsWatch' will only be available to variable rate savers, but the service may be opened up to fixed rate savers in the near future.
2 The text or email alert is in addition to the bonus expiry letter customers currently receive before a bonus is due to expire.
3 Provided that your funds are free to move and not subject to any notice period.

For further details including eligibility and terms and conditions, visit www.nationwide.co.uk/savingswatch.

*Nationwide's Seven Savings Promises

  1. We will not offer 'brand new customer only' savings products.
  2. We will reward existing savers with exclusive savings productsa.
  3. We guarantee our Fixed Rate ISA rates will match or beat our equivalent Bond rates and our Champion ISA rate will match or beat our Champion Saver rate so you get the most from your ISA tax relief.
  4. When you transfer a Cash ISA to us you will start earning interest as soon as we receive your applicationb.
  5. We offer a Rate Guarantee when you reinvest with us in a Fixed Rate Savings Bond or Fixed Rate ISA. If our rate changes between the day you apply and the day of reinvestment, we guarantee you the better rate.
  6. We will write to youc every year detailing our range of savings accounts, so you know about any new products we have launched. We will send you an annual product statement showing the rate you are receiving, and you can always find your current rate at nationwide.co.uk.
  7. We will help you choose our best savings accounts for you. You can ask us at any time for a free Savings Review to see if you could get more from your savings.
a Product eligibility criteria may vary
b Provided that your funds are free to move and not subject to any notice period.
c Only for customers who are 18 or over with a savings balance of £500+
These are our Savings Promises which form part of your savings terms and conditions.

About Nationwide

Nationwide is the world's largest building society as well as the second largest savings provider and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million members.

Since the credit crunch began in 2007, Nationwide has remained profitable against a very difficult economic environment. In the full year ending April 2012 Nationwide made a strong underlying profit of £304 million - up 10% from the previous year.

Customers can manage their finances in branch, on the telephone, internet and post. The Society has around 16,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.

To view the photo accompanying this press release, please visit the following link:

http://media3.marketwire.com/docs/798143.pdf

Find recent press releases and photos at the Nationwide Media Centre: www.nationwide.co.uk/mediacentre

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