How much additional interest would you switch your savings account for?

23rd January 2015

Following the FCA proposals for improvements in the savings market is pleased to announce the launch of a new feature on its FREE Rate Tracker Service.

In the age of information, sometimes too many facts and figures can be more of hindrance than a help. Our new Savings Threshold feature informs savers when to switch accounts by tailoring notifications on the amount of extra interest they could earn. Savers can choose at any time what level of extra interest would make them move their money.

The new Savings Threshold complements our existing free Rate Tracker Service whereby we monitor all live and closed (to new business) savings accounts from 127 UK Banks and Building Societies. That's 4,000 accounts and more than 10,000 individual savings rates.

Rate Tracker allows registered users to enter all of their savings accounts and easily view their rates in one place, instantly telling them if they can earn a better rate elsewhere. The service then proactively informs users when existing account rates have changed, when bonuses expire and when fixed rate bonds are due to mature; a basic service that we have long believed all banks and building societies should have adopted.

We recognise that not every saver wants to chase the best rates all the time and a small gain in interest may not be enough to encourage them to switch. That’s why we’re pleased to offer our users a tailored approach to tracking their savings accounts. Savers can continue to check in less than a minute the rate they are currently earning. And now they can set at which point they want to be contacted with better rates, by choosing the level of extra interest that is most likely to encourage them to switch. We're putting our users in control.

We're pleased the FCA has recognised the need to increase switching in the savings market as well as improving transparency, something which we have been working towards since we launched the business back in November 2011. To this day we are surprised at the lack of basic information many savers are getting in a clear and easy to compare manner. This includes the rate they are being paid and how it compares to the whole UK savings market.

Why wait for your provider to improve the way they inform you about your savings accounts, sign up to Rate Tracker today and sit back while we research and monitor your accounts for you, for free.

For savers with more than £100,000 looking for advice, the Savings Champion Concierge Service offers the perfect solution to individuals that want the peace of mind that their savings are working as hard as possible and understand the benefit of having a professional monitoring their savings portfolio.

Our advice is tailored in accordance to each client's objectives.

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