The Fairbanking Foundation has bestowed its first-ever five star award on a high street savings product. The foundation, which aims to improve standards in banking, said the RBS/NatWest Instant Saver with Savings Goals account contained many features that helped users manage their money better.

Since its launch in 2011, it has awarded “fairbanking marks” to just five products, including current accounts from thinkmoney, Lloyds and Secure Trust Bank, and a regular savings account from Saffron Walden Building Society.

The charity also said that in the aftermath of the credit crisis, Britain’s banks had a “once in a lifetime opportunity to change for the better”.

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