Our savings Terms and Conditions have been awarded the Clear & Simple Mark by Fairer Finance, for being easy to understand and use. We are the first savings provider to receive this accolade.
Mark Parsons, Coventry Building Society’s Chief Executive, commented: “We’re delighted to have been recognised for our simple savings Terms and Conditions”.
“In a world where the small print can be longer than a Shakespeare play, we want to make things easier for our members. We’ve made our savings terms and conditions shorter, used straightforward language and designed them to be easy to use. We’ve even named them ‘Not the small print’ to show that we’re doing things differently.”
“This is just one part of our mission to make things simple and transparent for our members. We think it’s how financial services should be, and we’re proud to have been recognised by Fairer Finance with their Clear & Simple Mark.”
James Daley, Managing Director of Fairer Finance commented: “Our Clear & Simple Mark is designed to recognise documents that are written in a language that customers can understand – and also designed in way that makes them accessible and easy to use. We’ve only awarded it to a handful of documents so far – we’re delighted to add Coventry Building Society’s new savings terms to that list”.
“The average savings Terms and Conditions are only accessible to people with a reading age of an A-level student. The Coventry’s new document has a reading age equivalent to that of a first year secondary school student, and is also shorter and much more clearly designed. We hope to see many more savings providers following their lead.”
Our new savings terms and conditions document has:
- received the Clear & Simple Mark from Fairer Finance – a mark of excellence for companies that communicate clearly with their customers. The Coventry is the first savings provider to receive this
- a word count of 8,843 – well within Fairer Finance’s recommendation of 15,000 words,
- a Flesch Kincaid Grade Level 7.6 (equivalent to 11-12 year old reading age)
- easy to understand language with no legalese or jargon
- clear, readable font
- good use of colour and colour coding, tables and images
- no clause numbers included.
See our savings Terms and Conditions
See our savings accounts