Saga wins seven-year savings products partnership with NatWest Boxed
Saga PLC on Monday said it has entered into a seven-year partnership with NatWest Boxed, the banking-as-a-service business of NatWest Group PLC.
The provider of products and services for people over 50 said the partnership will involve the launch of an ‘innovative suite’ of savings products that recognises and specifically caters for the preferences of Saga’s target market.
It will combine NatWest’s scale and Boxed’s platform, operational and compliance knowledge with Saga’s insight and experience in the over-50s market.
The new instant access savings product will replace Saga’s current Goldman Sachs instant access product for new customers and will be launched later this year.
The partnership will also expand the firm’s Money offering.
‘As the UK’s specialist in providing products for people over 50, this launch is an exciting next step in enhancing our Money offer,’ said Jerry Toher, chief executive officer of Saga Money.
‘This will further strengthen our position in providing competitive and flexible savings products...I look forward to working with NatWest Boxed as we continue our strategy of delivering great value products to support customers with their savings goals.’
Shares in Saga were down 0.3% at 182.60 pence in London on Monday afternoon. The stock has risen 61% over the past year.
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