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Managed Current Account from thinkmoney
What does the 4 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 customer's control over income and spending.
What are the key specific features that have helped this product gain this rating?
- You can see what money is in your account through regular messages.
- You can request a balance message or a mini statement of recent transactions to be sent to you at any time.
- You can set an overall budget and keep money to pay your regular bills separate from every day spending money.
- You can see your overall income and spending and how they change over time, helping you identify opportunities to save money.
- If your account balance is insufficient to pay your next bills, you receive an alert from your Money Manager enabling you to take action.
- On the internet you will receive a message to show if your bills will get paid in the future or you need to take action (a smiley or sad face gives you your account status).
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. Part of the testing is to obtain 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 4 out of 5 stars for how well it encourages and helps customers to control the relationship between income and expenditure. A high standard is expected and if more useful features are added to the product it may receive a higher rating. No UK banking product has been granted higher than a 4 star rating to date.
- Fairbanking is not a price comparison site - it may be possible to get a current account that costs less depending on how the account is operated.
- A payment is made by a banking organisation to cover the costs of granting the Fairbanking Mark and fund further research.
- 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 as part of its monitoring activity.
The Fairbanking Foundation® is a charity (not-for-profit) organisation that encourages banking products that help customers to improve their financial health and well-being
The Fairbanking Mark is not a guarantee or warranty of reliability or performance of this or any product or service. See full disclaimer at www.fairbanking.org.uk/Disclaimer.html
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