Fairbanking Foundation
Guides
The Fairbanking Foundation is a charity (not-for-profit) organisation that encourages banking products that help customers to improve their financial health and well-being. A payment is made by a banking organisation to cover the costs of granting the Fairbanking Mark.
What does the 3 Star Fairbanking Mark granted to this product mean?
- The product contains multiple features to help customers manage their money better. In this case to increase the likelihood that a customer will save for a specific objective (e.g. car, holiday, wedding) or in order to have an emergency fund.
What are the key specific features that have helped this product gain a 3 star rating?
- You can set up one or more goals or savings ‘pots’, which can be personalised.
- You can find out how much you will need to save and for how long to reach your goal.
- You can easily set up a regular payment into your saving account.
- You can easily see how your savings are progressing towards your savings goals.
- You will find the product is presented both with graphics and numbers.
Do you want to know more?
- Fairbanking has ensured that an independent assessment has taken place to verify that the product is working effectively for customers. The testing involves obtaining feedback from customers on the specific features. The testing is paid for by the bank, but under the direction of Fairbanking.
- The product has been granted 3 out of 5 stars for how well it encourages customers to save. A high standard is expected and if more useful features are added to the product it may receive a higher rating. No product has been granted higher than a 3 star rating to date.
- Fairbanking is not a price comparison site – it may be possible to get a higher savings interest rate with a different product.
- If you should have a complaint relating to this product, please use the complaint process of your provider. Fairbanking is entitled to receive relevant information on complaints.
www.fairbanking.org.uk contains more about the work of The Fairbanking Foundation. Enquiries can be made to info@fairbanking.org.uk
