Saffron Building Society, the largest building society serving the East of England, is pleased to reveal that its Goal-Based Saver range of savings accounts has retained its special accreditation by the Fairbanking Foundation.
The Fairbanking Foundation is a U.K. based charity which encourages financial services providers to help consumers 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 members to set savings targets for specific goals, calculate how much needs to be saved monthly to achieve the target, and track progress. It is designed to champion saving as a means to pay for the more expensive items and lifestyle changes rather than borrowing 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.
Jon Hall, Chief Executive of Saffron Building Society said :
“We’re pleased our Goal-Based Savings accounts have been granted the Fairbanking accreditation for the second year in a row. These accounts have been designed to put members in control of their finances, and at Saffron we see these accounts as a great introduction to saving for people who are not necessarily accustomed to putting away a sum of money every month. Goal and target based saving can be a great way to motivate people who will hopefully build on and establish a regular savings habit that will last well into the future. At Saffron our members’ needs and financial wellbeing continue to be very important to us.”