NatWest Boxed powers Saga’s new easy access savings account

By Vriti Gothi

Saga Money has launched a new easy access savings account as part of a seven-year strategic partnership with NatWest Boxed, NatWest Group’s banking-as-a-service arm, marking a shift in how the over-50s specialist structures its savings offering.

The launch formalises the collaboration between Saga and NatWest Boxed, combining Saga’s focus on the over-50 demographic with NatWest’s regulated banking infrastructure and embedded finance capabilities. The move reflects a broader trend in the UK financial services market, where non-bank brands are increasingly using banking-as-a-service platforms to deliver targeted propositions without building full-stack banking operations.

The first product under the partnership is the Saga Easy Access Savings Account, provided by NatWest Boxed. The account offers a variable rate of 4.00% AER (3.93% gross), including a fixed 12-month bonus of 1.25% AER. Customers can add or withdraw funds without penalties, with no minimum deposit requirement.

Saga said the product is designed to address the needs of older savers, a segment it argues is often underserved by mainstream providers despite holding a significant share of the UK’s £2.05 trillion in cash savings. Easy access accounts remain the most popular savings vehicle among people over 50, with Saga citing industry data showing average interest rates elsewhere of around 1.39%.

With more than 130,000 customers and over £3 billion already entrusted to its savings products, Saga positions the partnership as a step in expanding its financial services portfolio while maintaining control over customer experience. NatWest Boxed provides the underlying platform, compliance and operational support, while Saga leads on front-end design and customer engagement.

The new account replaces Saga’s previous easy access savings product for new customers, which was provided by Goldman Sachs International Bank. Existing customers on the Goldman Sachs-backed product will see no change, with their accounts continuing to be managed by Goldman Sachs.

For the sector, the partnership highlights how incumbent banks are increasingly monetising their infrastructure through platform models, while specialist brands seek differentiated offerings for defined customer segments amid ongoing competition for retail deposits.