Banks fall foul of fairness

Out of the hundreds of accounts and deals offered us by Britain's high street banks, only four contribute to our 'financial wellbeing', according to a new charity.

The Fairbanking Foundation found that under its rules only an account called Your Savings Goal from RBS and NatWest was worthy of accreditation.

And three more savings and current accounts that reached the criteria needed to attain three stars came from virtually unknown providers, Saffron Building Society, Secure Trust and Thinkbanking.

Fairbanking Foundation director, Anthony Elliott said that the result show just how much work UK banks need to do to meet customer needs. 'Like standards for car safety, Fairbanking Stars will serve to provide clarity as to which products are the most helpful and over time will drive up standards as these measures become an increasingly significant part of competition,' he said.

'Many firms have yet to 'see the light', but an increasing number have – and these enlightened organisations are talking to us already about plans to improve their product offerings. We are excited about the extent to which the Fairbanking marks programme is already encouraging the industry to move in a much more customer-oriented direction.' he added.

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