Saga has announced a seven-year partnership with banking giant NatWest to launch a new range of savings products for the over-50s.
The company, known for its cruises and insurance for this demographic, will first launch an instant access savings product later this year, with more financial offerings to follow.
The collaboration involves NatWest Boxed, the banking group’s banking-as-a-service arm.
“This collaboration will enable Saga to offer easy-to-use products and services, drive increased volume and improved commercial terms, and deliver accessible and reliable customer service,” Saga said.
The savings product will replace Saga’s current instant access offering provided by Goldman Sachs for new customers.
Saga said there will be no change for customers who already hold a Saga instant access account, and the Goldman Sachs contract will not end until September 2028.
Jerry Toher, chief executive 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 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 specialised products and services.”
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London-listed Saga struck a 20-year partnership for motor and home insurance with Belgian firm Ageas late last year, while also agreeing to sell its underwriting business Acromas to the group, which will complete at the end of the month.
