Saga Money has entered into a long-term strategic alliance with NatWest Boxed, extending over seven years. This partnership is dedicated to launching new financial products designed specifically for individuals aged 50 and above.
Strategic Collaboration Details
This collaboration brings together the extensive reach of NatWest alongside the Embedded Finance platform of NatWest Boxed with Saga’s expertise in creating, promoting, and delivering financial services tailored to older adults. The partnership aims to address the unique needs of this demographic group who are the largest savings pool in the UK.
First Product: Sage Easy Access Savings Account
The initial offering from this collaboration is the Sage Easy Access Savings Account provided by NatWest Boxed, featuring a competitive annual interest rate starting at 4.00%/3.93% AER/gross p.a. (variable), with an additional bonus of 1.25% AER/1.21% gross for the first year.
This account leverages Saga’s ability to design and deliver customer-centric financial products that cater specifically to individuals over 50, enhanced by NatWest Boxed’s platform, compliance expertise, and operational know-how. This product allows for immediate top-ups and withdrawals without penalties or minimum balance requirements.
According to recent findings, UK cash savings total approximately GBP 2.05 trillion; however, since 79% of easy access account holders are with traditional high-street banks, Saga’s new offering is poised to provide savers an alternative way to diversify their investments and potentially increase the returns on their funds.
The Sage Easy Access Savings Account replaces the previous product offered by Goldman Sachs International Bank for new customers. Existing customers will see no changes in management, with their accounts still being handled by Goldman Sachs International Bank.
Commitment to Inclusivity
Alex Edmans, Product Director of Saga Money, highlighted the company’s dedication to expanding financial inclusivity for older individuals who are often underrepresented in market offerings. The partnership is seen as a significant step towards addressing this demographic’s unique financial needs.
