15 June 2011
Saffron Building Society receive FairBanking Accolade
Saffron Building Society - the regional building society serving East Anglia -is delighted to reveal that a range of its savings accounts has been awarded special accreditation by the Fairbanking Foundation.
The Fairbanking Foundation is a U.K. based charity which works to encourage financial services providers to help consumers to improve their money management and financial wellbeing.
The three-star accreditation was awarded to Saffron's online Goal-Based Savings accounts; including its innovative Wedding Saver and Car Saver products. The Goal-Based Savings concept allows customers to set savings targets for specific goals, calculate how much needs to be saved monthly to achieve the target, and track their progress. It is designed to champion saving as a means to paying for necessities and treats rather than having to borrow the money and getting in to debt.
The Goal-Based Savings accounts were vigorously tested by The FairBanking Foundation to assess their ability to assist financial well-being, and the three-star accreditation represents the highest mark achieved to date by any UK financial product.
Andy Golding, Chief Executive of Saffron Building Society said: "We are delighted that Saffron's Goal-Based Savings accounts have been granted this accreditation in recognition of the fact that these accounts are designed to put customers in control of their money. At Saffron we see these Goal Saver accounts as a great introduction to saving for people who are not necessarily accustomed to putting away a sum of money every month. Setting a savings target can be a great way to motivate those who may not class themselves as 'savers' and will hopefully establish a healthy savings habit which lasts long after the goal has been achieved.
"As a regional mutual, we have been committed to helping people manage their money for the past 160 years, and it's my hope that this recognition by The Fairbanking Foundation serves to reiterate our dedication to putting our customers' needs first and working to enhance their financial wellbeing."
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