I have an ironman watch that I bought off of ebay for $47 (including shipping), and it has nine interval timmers. I use only two, one for high intensity and one for low intensity as you said.
http://www.timex.com/bin/detail.tmx?item=753048129720
There may be cheaper ones, but that's the one I have and it works well, although a wish the alarms were a tad bit louder because I wear headphones.