NatWest Partners with Saga to Launch Tailored Savings Products for Over-50s

NatWest Boxed and Saga have partnered for a seven-year alliance to offer tailored savings products for individuals over 50. The initial focus is on launching a suite of savings products that cater to the unique needs and preferences of this demographic. The partnership aims to provide easy-to-use products and accessible customer service, aligning with Saga Money's commitment to offering tailored financial solutions for the over-50 market.

NatWest Boxed, the banking-as-a-service business of NatWest Group, and Saga have announced a strategic partnership aimed at delivering tailored savings products to individuals over 50. The seven-year alliance will leverage NatWest Boxed's embedded finance platform to offer a suite of savings products designed to meet the distinct needs and preferences of this demographic.

The partnership, which aligns with Saga Money's commitment to offering tailored financial solutions for the over-50 market, will initially focus on launching a range of savings products. These products will be made available to existing Saga customers and will also attract new savers. The long-term goal is to expand Saga's range of financial services, with other financial products expected to be added in the future.

The collaboration combines NatWest's scale and Boxed's platform, operational, and compliance expertise with Saga's extensive insight and experience in the market for people over 50. This synergy is expected to deliver easy-to-use products and services, along with accessible and reliable customer service.

Commenting on the partnership, Jerry Toher, chief executive officer of Saga Money, said, "As the UK’s specialist in providing products for people over 50, this launch is an exciting next step in enhancing our Money offer. This will further strengthen our position in providing competitive and flexible savings products, ensuring that Saga remains the most-trusted brand for people over 50 in the UK."

Andrew Ellis, chief executive officer of NatWest Boxed, added, "Trusted brands are well positioned to reward customers for their loyalty, while keeping their best interests at heart. This partnership is a testament to how leading firms like Saga can deploy new technology, like embedded finance, to offer specialized products and services at the point of need, provide additional value to customers, and drive sustainable behaviors."

The partnership is an extension of Saga Money's offer, maintaining the same ethos that people over 50 across the UK deserve a suite of products designed specifically to cater to their needs.

References:
[1] https://www.openbankingexpo.com/news/natwest-boxed-and-saga-money-form-partnership-to-deliver-savings-products-for-over-50s/
[2] https://thepaypers.com/fintech/news/natwest-boxed-teams-up-with-saga-to-provide-savings-products