Saga, a company dedicated to serving the over-50 demographic, is expanding its footprint in the financial services sector. It has reached a preliminary agreement with NatWest’s Banking-as-a-Service unit, Boxed, to offer savings accounts and additional banking products tailored for its members.
In a recent trading update, Saga announced that it is in the final stages of negotiations with NatWest for a suite of personal banking products, starting with a new savings offering.
“This collaboration aims to merge NatWest’s extensive banking capabilities with our deep customer insights and marketing expertise, reinforcing our strategy to enhance our Money business,” stated a representative from Saga.
Saga provides a variety of services specifically designed for those over 50, including insurance, travel options, financial services, and a monthly magazine.
A spokesperson from NatWest expressed enthusiasm about the partnership: “We have enjoyed a strong, ongoing relationship with Saga and look forward to supporting its growth initiatives. This next phase of our collaboration will enhance and diversify Saga Money’s product offerings to better address the evolving needs of customers, in conjunction with NatWest Boxed. Further details will be shared soon.”