Royal Bank of Scotland (RBS) and NatWest have been granted the first 5 Star Fairbanking Mark for their Instant Saver with Savings Goals product.

The score, which was based on a report ‘Fairbanking Ratings: Reaching for the stars’, is the first granted by Fairbanking since the release of its first report in 2010.

The product was tested by Ipsos MORI and was found to enable customers to improve their financial well being.

RBS/NatWest saving head David Crawford said they have been working hard to better support their savers and they are pleased to receive the first five star Fairbanking Mark and their third Fairbanking accreditation.

The mark was the result of the significant improvements in the banking products offered by a variety of financial institutions in the UK in the recent past, claims Fairbanking.

The Fairbanking Foundation CEO Antony Elliott said it was nice to see the pace of product improvement really picking up now, just three years after they ran the first Ratings survey and granted the first Fairbanking Marks to the products that earned accreditation.

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"It is also encouraging to think that nearly half a million people in the UK have taken out a banking product that we know from their fellow customers has made a real difference to how they manage or save their money," Elliott added.