Saga taps Flagstone to launch over-50s savings platform in the UK
Saga, a UK-based provider of insurance and financial solutions for consumers over the age of 50, has partnered with cash deposit platform Flagstone to launch a new fintech-powered savings platform.
Saga taps Flagstone for over-50s savings platform
The Saga Savings Platform will leverage Flagstone’s technology and existing relationships with cash savings providers to offer customers over 50 access to a “curated choice” of fixed-rate accounts.
Saga says the accounts will support terms ranging from one month to seven years, and through the visibility afforded by Flagstone’s application, customers will be able to move money between different accounts to “boost interest earning potential and maximise FSCS protection”.
In addition to this, it’s hoped that the application of Flagstone’s technology will help reduce the amount of manual effort needed to open and maintain multiple bank accounts, while transactional data is aggregated into one interest statement.
According to Saga’s in-house research, there is “significant demand” across the over-50 demographic for “competitive savings rates, convenience and reduced paperwork”, especially considering the rebound of cash deposit options as a result of the current high interest rate environment.
This echoes the recent actions of the UK’s Financial Conduct Authority (FCA), which in August brought the hatchet down on banks and building societies for not passing on interest rate rises to savers.
Alex Edmans, head of financial services at Saga Money, says the new platform “simplifies the savings process by providing a curated range of fixed-rate options, accessible through a single website and account”.
Adding to Edmans’ comments, Simon Merchant, co-founder and CEO of Flagstone, says Saga’s customers “make up one of the UK’s most affluent and fastest-growing demographics”, and that the new platform will seek to provide them with “the sort of fast, flexible access they want, to not just one but a whole range of competing savings accounts”.
