The thinkmoney Personal Account was accredited a Four Star Mark by the Lord Mayor of London on behalf of the Fairbanking Foundation last night. This marks the first time that a 4 star Fairbanking Mark has been granted to any product.
The Fairbanking Foundation, a not-for-profit, research-based charity, was set up to help improve the financial well-being of financial consumers.
Over 250 current accounts, savings accounts and credit cards, offered by more than 40 financial firms in the UK, were assessed by Fairbanking - who granted five Marks overall at the ceremony, held at London's Guildhall.
Alongside the thinkmoney Personal Account, other new Marks were granted to products offered by Lloyds TSB, Secure Trust Bank, and RBS/NatWest. These products will now be able to show the Fairbanking Mark on their web pages and customer correspondence. Saffron Building Society also kept hold of its previously accredited Mark.
In order to be accredited, account providers had to give the Foundation details of their product, which was then measured on criteria such as how well it helped customers manage their day-to-day finances or reach their personal savings goals.
Antony Elliott, CEO of the Fairbanking Foundation, said: "It is still early days, but with five banking products now formally tested and proven to improve customers' financial well-being, competition should encourage more providers to improve their products and seek a Fairbanking Mark to prove it."
Mike Aldred, manager at thinkmoney, commented: "Here at thinkmoney, we all know from speaking to our customers every day just how much our personal account makes a difference to their finances and their lives. It's great to get outside recognition for this from Fairbanking."