News

4^th October 2023: Saga, the UK's specialist in products and services for people over 50, has partnered with Flagstone, the UK’s leading cash deposit platform² to launch a savings platform designed specifically for those over-50.

By leveraging Flagstone’s technology and relationships with over 50 of the UK’s leading cash savings providers, the Saga Savings Platform will offer customers access to a curated choice of fixed rate accounts that can be easily accessed and managed through a single application.

The platform launch is part of Saga’s strategic objective to become the “Superbrand” for older people in the UK, offering a range of curated products and services for those over 50 – each being informed by Saga’s dedicated in-house research and insight division, which continually surveys this demographic to document what they want and need. Through this research, the business was able to record what it is exactly that over-50s across the UK look for when choosing Money & Savings products. It was revealed these individuals look for convenience and accessibility, a significant reduction in administration and paperwork, and above all, competitive savings rates – giving them confidence that their money is working hard for them.¹

Flagstone brings together dozens of the UK’s best savings accounts within one application and has transacted more than £13 billion on behalf of savings customers since 2015. Saga has forged this partnership with Flagstone specifically for over-50s customers in order to create a more streamlined customer experience, allow visibility of their money, reduce the administration and paperwork associated with opening multiple new bank accounts, and will collate the multiple accounts into one aggregated annual interest statement. The fintech-powered platform marks an exciting step within the expansion of Saga’s personal finance proposition, and indicative of Saga’s efforts to continuously drive innovation across its products.

Saga Savings Platform customers will be offered a choice of consistently competitive accounts across a range of terms (from one month to seven years) and from over 20 savings account providers in the UK. Customers will be able to easily access the accounts and terms they prefer to maximise interest earning potential. For those that are eligible, choosing Saga Savings Platform will help them reduce the time it takes to spread their savings across banks to maximize FSCS protection. The platform allows deposits to be placed 24/7 and customers will be supported by Flagstone’s Customer Care team.  At present, the minimum deposit for using the platform is currently £40,000, however this may be subject to changes as the platform develops.

Customers of the platform will join thousands of other individuals across the UK who already trust Saga with their savings, through the popular pre-existing range of products currently available in this space – including the Saga Easy Access Savings Account and the Saga Cash ISA, provided by GSIB. These will continue to be available on the Saga website, and the platform will work as an extension to our Saga Money offer – maintaining the same ethos that over-50s across the UK deserve a suite of products that are designed specifically to cater for their needs. Clear sign posting will guide customers through the different Saga Savings products on the website.

To find out more about the Saga Savings Platform click here: https://www.saga.co.uk/money/savings/saga-savings-platform.

Alex Edmans, Head of Financial Services at Saga Money commented:  

“We are very excited to be partnering with Flagstone to launch the innovative Saga Savings Platform that recognizes, and caters to, the distinct set of needs and preferences of those over-50. Thanks to our dedicated in-house research team at Saga, we know there is significant demand across this demographic for competitive savings rates, convenience and reduced paperwork.¹ With this in mind, we have created a platform that simplifies the savings process by providing a curated range of fixed rate options, accessible through a single website and account, underpinned by exceptional customer service and ensuring that our customers always have access to some of the best fixed rate accounts available.”

“As the UK’s specialist in providing products and services for those over-50, the launch is an exciting next step in enhancing Saga’s offer for new and existing customers, as we further our ambition to become the Superbrand for older people across the country.”

Simon Merchant, Co-Founder & CEO at Flagstone, added:

“We are delighted to become Saga’s new partner to provide fixed-term savings account access to their customers who make up an important, fast-growing demographic in the population. Saga customers are discerning decision makers who expect the very best from the services they subscribe to. We’re looking forward to providing them with the Flagstone savings experience – one that promises a high level of attention to detail, account visibility, ease of use and exceptional customer service.”