Saga Money has joined NatWest Boxed in a seven-year strategic collaboration, aiming to provide a new suite of products catering to individuals over 50.
By merging NatWest’s scale and banking features, NatWest Boxed’s Embedded Finance platform, and Saga’s experience in designing, marketing, and offering products and services, the three organisations plan to provide services that serve the needs of people over 50 years old. The strategic initiative comes as the next step in Saga’s commitment to creating products that cater to this specific customer segment.
Upcoming offering
The first product of this collaboration will be the Sage Easy Access Savings Account offered by NatWest Boxed, delivering a rate of 4.00%/3.93% AER/gross p.a. (variable) which also includes a bonus rate of 1.25% AER/1.21% gross fixed for 12 months, assisted by customer support that underlines Saga’s experience with people over 50, the UK’s largest group of savers.
The easy access savings account is based on Saga’s capability of designing and providing front-end propositions for customers that meet the specific needs of customers over 50, merged with NatWest Boxed’s platform, compliance, and operational experience. With this newly released product, customers will be able to access competitive rates, top up and withdraw funds instantly without encountering penalties or minimum deposit requirements.
Furthermore, recent data shows that the UK’s cash savings are worth approximately GBP 2.05 trillion; however, given that 79% of easy access account holders are with traditional high street banks, Saga’s product is set to facilitate the ability for savers to diversify their holdings and maximise the potential of their savings.
As detailed by Saga, the new easy access savings solution has come as a replacement for its previous product, offered by Goldman Sachs International Bank, for new customers. When it comes to existing customers, they will encounter no changes, with their accounts continuing to be managed by Goldman Sachs International Bank.
Alex Edmans, Product Director for Saga Money, expanded on the strategic partnership, mentioning the company’s commitment to scaling inclusivity for people over 50, a demographic often overlooked by the market, and offering them the financial solutions they need to meet their specific requirements.
