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Partnership Established Between NatWest and Saga Money to Offer Savings Products for Individuals Over 50 Years Old

Partnership Announced: Saga Integrates Boxed's Finance Platform for Expanded Financial Services Offering to Millions of Saga Customers through NatWest Group's Banking-as-a-Service Business.

Over-50s stand to benefit from a collaboration between NatWest and Saga Money, as the duo join...
Over-50s stand to benefit from a collaboration between NatWest and Saga Money, as the duo join forces to offer savings products.

Partnership Established Between NatWest and Saga Money to Offer Savings Products for Individuals Over 50 Years Old

In a significant move to enhance financial services for the over-50 demographic, Saga and NatWest Boxed have formed a long-term strategic partnership. This collaboration will see Saga offer an innovative suite of savings products through NatWest Boxed's embedded finance platform.

The partnership, spanning seven years, aims to attract new savers in addition to existing Saga customers. It will leverage NatWest's scale and Boxed’s platform expertise alongside Saga’s deep understanding of its target market to deliver savings products that cater directly to the financial needs and goals of people aged over 50.

Key details of the financial products and services include the launch of a new instant access savings product, set to replace Saga’s current Goldman Sachs instant access product for new customers later this year. The partnership also emphasises delivering great value savings products that will expand Saga’s wider Money offering, centred on competitive and flexible savings solutions tailored to support customers' savings goals.

Andrew Ellis, CEO of NatWest Boxed, stated that this partnership is a significant step in NatWest Boxed’s journey to be the leading embedded finance partner in the UK. He believes the partnership demonstrates how leading firms can use new technology to offer specialized products and services.

Jerry Toher, CEO of Saga Money, expressed his excitement about the partnership, stating that it enhances their Money offer and maintains the ethos that people over 50 across the UK deserve a suite of products designed specifically for their needs.

The new partnership is expected to further strengthen Saga’s position in providing competitive and flexible savings products. It will allow Saga to offer financial products to millions of its customers through NatWest Boxed’s embedded finance platform, delivering easy-to-use products and services, as well as accessible and reliable customer service.

This collaboration marks a milestone in the journey of both Saga and NatWest Boxed, with Saga aiming to provide additional value to customers and drive sustainable behaviours. The partnership combines NatWest's scale, Boxed’s platform, operational, and compliance expertise with Saga’s market insight and experience in the over-50 demographic, positioning them well to meet the evolving financial needs of this demographic.

  1. The strategic partnership between Saga and NatWest Boxed, lasting seven years, is designed to offer a new instant access savings product, replacing Saga’s current Goldman Sachs instant access product for new customers later this year.
  2. This collaboration aims to deliver great value savings products that will expand Saga’s wider Money offering, focusing on competitive and flexible savings solutions tailored to support customers' savings goals.
  3. Andrew Ellis, CEO of NatWest Boxed, believes this partnership is a significant step in NatWest Boxed’s journey to become the leading embedded finance partner in the UK, demonstrating how leading firms can use new technology to offer specialized products and services.
  4. The partnership combines NatWest's scale, Boxed’s platform, operational, and compliance expertise with Saga’s market insight and experience in the over-50 demographic, positioning them well to meet the evolving financial needs of this demographic, particularly in personal-finance and business sectors.

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