News

Saga Money today launches its seven-year strategic partnership with NatWest Boxed, NatWest Group’s (NatWest) banking-as-a-service business. The partnership brings together two market leaders to deliver a new and innovative suite of products specifically catered to people over 50.

The combination of NatWest’s scale and banking capabilities, NatWest Boxed’s embedded finance platform and Saga’s unparalleled experience in designing, marketing and delivering products and services for people over 50 marks an important milestone in Saga’s partnership strategy. With over 130,000 customers already trusting Saga with their money, equating to more than £3 billion, the move represents the next step in Saga’s commitment to designing products that meet the needs of this growing customer segment.

The first new product of this partnership is the Saga Easy Access Savings Account provided by NatWest Boxed. This offers a competitive rate of 4.00%/3.93% AER/gross p.a. (variable) which includes a bonus rate of 1.25% AER/1.21% gross fixed for 12 months, supported by the trusted and dedicated customer support that defines Saga’s experience with people over 50, the UK’s largest group of savers.      

This easy access savings account is underpinned by Saga’s extensive capability of designing and delivering front-end propositions for customers that meet the specific needs of those over 50, a demographic often overlooked by major providers, combined with NatWest Boxed’s platform, compliance and operational expertise.      The product will allow customers to access competitive rates, instantly top-up and withdraw funds without any penalties and with no minimum deposits required.

With easy access accounts being the most popular choice for saving amongst the over 50s, the new product offers competitive rates – a specialised alternative to less competitive, traditional 1.39% average interest rates available elsewhere ^[1]. The UK’s cash savings are worth £2.05 trillion, but given 79% of easy access account holders are with traditional high street banks, Saga’s product offers an opportunity for savers to diversify their holdings and maximise the full potential of their savings^[2].       

People over the age of 55 have on average £27,949 in savings, often held in easy access savings accounts. Data collected through insights from almost 3,000 customers from Saga’s Experienced Voices panel, which frequently surveys the opinions and preferences of people over 50, found that over four out of five (82%) in this group hold such an account, with popular saving goals amongst this group including for retirement (68% of 50–59-year-olds) or future care costs (47% amongst over 80s). With 11% of customers planning to proactively save more over the next year – and 60% planning to save as much as they currently do – choosing savings accounts that deliver a competitive interest rate helps to maximise savings.

Alex Edmans, Product Director for Saga Money, said:

“We’re thrilled to be launching our instant easy access savings account with NatWest today, bringing an exciting proposition to market for people over 50. As the UK’s specialist in providing products for this demographic, a group that comprises the biggest savers in the UK we know that our customers want products that are competitive, flexible and free from the hidden surprises or gimmicks that are commonly seen elsewhere. People over 50 are a demographic often ignored by the market, so this move is part of our long-term work to extend our financial services product offer to support this group”.

Andrew Ellis, CEO of NatWest Boxed said: “We created NatWest Boxed with a clear mission: to power the UK’s best embedded finance experiences by combining NatWest’s banking heritage and scale with our modern technology platform. Saga has a deep understanding of its customers' needs, and we are delighted to support them in launching a proposition built specifically around their customer base. By leveraging our UK-based customer service and flexible product design, we are making it easier than ever for Saga customers to manage their money with confidence while enjoying a competitive and user-friendly savings solution.”

The new easy access savings product has replaced Saga's previous easy access savings product provided by Goldman Sachs International Bank, for new customers. There will be no change for existing customers whose accounts will continue to be managed by Goldman Sachs International Bank.

[1] https://moneyfactscompare.co.uk/news/savings/switching-from-high-street-bank-could-triple-returns/

[2] Saga Experienced panel customer survey, 2025