What does the 3 Star Fairbanking Mark granted to this product mean?
This 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 of more goals or savings 'pots', which can be personalised;
- You are encouraged to set up an emergency or 'rainy day' fund;
- You can create a budget in order to work out what you can afford to save;
- 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 savings account;
- 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 and conducted by Ipsos MORI.
- 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 will receive a higher rating. No product has been granted higher than 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 from your provider.