NatWest BaaS unit negotiates deal with Saga
Over-50's group Saga is wading deeper into the financial services market as it agrees a deal with NatWest's Banking-as-a-Service unit Boxed to provide savings accounts and other banking products to its membership base.
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In a trading update, Saga says it has agreed heads of terms and is now in final negotiations with NatWest for a range of personal banking products, starting with a new savings proposition.
"This partnership would combine NatWest's scale and banking capabilities with our customer insight and marketing strengths, and support our ambition to continue growing our Money business," says the firm.
Saga offers a range of products and services exclusively for the over 50s, including insurance, holidays, money and a monthly magazine.
A Natwest Group spokesperson says: “We have a long-standing partnership with Saga and look forward to continuing to support its growth ambitions.
“The next stage of our partnership will serve to broaden and differentiate Saga Money’s product range to meet evolving customer needs, in partnership with Natwest Boxed. We will share more details in due course.”
