Lloyds TSB current account achieves Fairbanking Mark
Following the launch of its online tool Money Manager last year, Lloyds TSB has achieved a 3 star rating from the Fairbanking Foundation for its Classic Account with Control. The Fairbanking Foundation is a not-for-profit, research-based charity created to encourage and assist providers of banking products to improve the financial well-being of their customers.
The 3 star Fairbanking Mark was awarded to Lloyds TSB's Classic Account with Control, because of the following features:
Customers can stay informed about the status of their account through a range of text alerts, including weekly balance, account limit and high/low balance messages.
Researchi shows 88% of customers who had signed up for the service said they find these text alerts helpful when trying to manage their expenditure.
Customers do not have the uncertainty of unauthorised overdraft charges.
Nearly nine out of 10 (89%) of customers with the account, have found the ‘control' feature helpful given it has prevented them from going into an unplanned overdraft.
Customers are shown how their spending breaks down into different categories, such as travel, shopping and bills/utilities, through Money Manager.
92% of account holders who had signed up for the service find this breakdown helpful.
Customers were asked whether using Money Manager as part of the Classic Account with Control has helped to manage day to day spending and budgeting.
76% of users of Money Manager said that it had.
Jatin Patel, director of current accounts for Lloyds TSB, says: "We're delighted to have been awarded this Fairbanking Mark as it recognises the work we have done in helping customers take control of their money. Lloyds TSB Money Manager is a pioneering free online service which our customers are increasingly utilising. We know our customers want greater control of their money and we are investing in the tools to help them achieve this.
"The Foundation's research was useful in providing some helpful feedback about the products and services we provide to our customers. It also demonstrates that these features really are helping our customers to manage their money more effectively, and to be the first bank to be awarded a Fairbanking accreditation for an account with an overdraft is a great achievement."