NatWest and RBS get first 5 star Fairbanking Mark for encouraging savers

NatWest and RBS get first 5 star Fairbanking Mark for encouraging savers

NatWest and RBS are the first banks to have achieved a 5 star Fairbanking Mark accreditation for their Instant Saver product, combined with their 'Your Savings Goal' tool.

This is NatWest and RBS's third Fairbanking accreditation to date for Your Savings Goal.

Instant Saver is the bank’s simple on‐sale savings product which can be managed online, in branch or by phone, with access to savings instantly.

The ‘Your Savings Goal’ tool was introduced in 2009 and supports customers in setting savings goals and allowing them to track their progress. The tool also gives them an upfront view on whether their savings aspirations are realistic, supported by data they enter on how much they can save ‐ a handy budget calculator helps that process.

David Crawford, Head of Savings for NatWest and RBS, said: “We've been working hard to better support our savers and I'm pleased that customer feedback shows we have helped so many achieve their savings goals. Independent accreditation through the Fairbanking Foundation is a really important measure of success, more savings product providers should be aiming for this same standard.”

Instant Saver and Your Savings Goal have been recognised for:

  • Enabling the customer to set a savings goal or 'pot'
  • Feedback on how savings are building to reach a goal
  • Option to save for a 'rainy day fund'
  • Providing integrated budget tools
  • Easy payment mechanism
  • Providing motivation and incentives

This year the bank has further improved on supporting savers with prompts through Online Banking to congratulate them on their progress, or encourage them to start a new goal and direct emails to encourage customers who have stopped saving.

Fairbanking's Ratings report notes that 83% of the NatWest and RBS customers they spoke to were satisfied with the Your Savings Goal tool and 90% were satisfied with the bank's approach to saving money.

Almost 260,000 customers are saving with a Your Savings Goal today. 23% (40753) of those are saving for a holiday, 18% (37771) are saving for a house. Our average holiday saver is saving for a short period of 1.2 years and aiming for £3000. Our average saver for a home is opting to save for 2.5 years and aiming for £15,000.

More information

Find out more about Instant Saver and the Your Savings Goal tool.

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