LONDON: Saga Money on Monday announced a seven-year partnership with NatWest Boxed, the banking-as-a-service arm of NatWest Group, to launch a new suite of savings products aimed at consumers over the age of 50.
The collaboration, first flagged in Saga’s June trading update, will enable the company to expand its financial services offering, starting with an improved instant access savings product. Additional products are expected to follow.
The strategic agreement leverages Saga’s deep market insights and NatWest’s platform capabilities to deliver easy-to-use savings solutions tailored to older customers. The partnership also aims to boost customer volume, enhance commercial terms, and uphold reliable service standards.
Saga’s new savings product will replace its current Goldman Sachs offering for new customers. Existing Goldman Sachs accounts will remain active until the contract’s expiration in September 2028.
Jerry Toher, CEO of Saga Money, said the move strengthens Saga’s position in delivering competitive financial solutions. “This launch is an exciting next step in enhancing our Money offer,” he said. “We look forward to working with NatWest Boxed to support our customers with flexible savings options.”
Andrew Ellis, CEO of NatWest Boxed, added: “This partnership is a testament to how leading firms like Saga can use embedded finance to reward loyalty and meet customer needs at the point of demand.”
Saga plc, known for its services tailored to customers over 50, continues to expand its financial footprint across the UK.