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What does the 5-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.
The specific features that have helped it gain this rating are:
- You can budget how much you can afford to save and actions are suggested;
- You can set up one or more goals or savings ‘pots’, which can be personalised;
- You may receive various messages of encouragement and support;
- You can set up a specific “rainy day” fund for emergencies;
- You can find out how much you will need to save and for how long;
- 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;
- You may receive helpful messages, for example, about how much other people are saving.
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 5 stars for how well it encourages customers to save.
- This is the maximum rating granted by Fairbanking.
- 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.