Raisin, Open Banking solutions provider, has teamed up with UK-based savings and retirement firm Aviva with over 33.4 million customers worldwide.
The fintech leveraged its Raisin Savings as a Service technology to launch Aviva Save, allowing the pension and investments specialist to enter the cash savings market in the UK.
The new Aviva Save platform offers Aviva customers – with 15 million customers in the UK – a selection of fixed-term savings accounts. Aviva savers can pick and mix savings offers from a range of banks and manage them all fully digital under one roof on the Aviva Save platform.
The launch follows The Bank of England’s Monetary Policy Report in February outlining that ‘households have accumulated an excess stock of savings of GBP 125 billion’ throughout the pandemic, equating to an average of GBP 5,000 per household. According to Raisin official press release, The Bank of England expects this figure ‘to rise substantially over the first half of 2021’.
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