As you click on Saved Searches option in the User Menu, you will find a list of all your saved searches. To know more about saved searches, read this.
Under the actions tab, you can click on the customise icon to edit your saved search and create an email alert for the saved search.
Once you enable email alerts, the menu expands to understand your alert preferences from the template you want your email alerts in, to the days and the time when you want the email alert sent.
You can also preview an email alert before clicking on the save button. Once you save your preferences, the email alert indicator on the Saved Searches page will turn green, indicating that your email alerts for the particular saved search is enabled.