Saga and Flagstone unite to launch fintech-powered savings platform for over-50s

Saga, a specialist in products and services for people over 50, has partnered with Flagstone, a London based cash deposit platform, to launch a ‘distinctive’ new savings platform designed specifically for those over 50.

By leveraging Flagstone’s technology and relationships with more than 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.

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 a selection of fixed rate savings account providers.

Customers will be able to easily access the accounts and terms they prefer, moving money between them flexibly on one single application in order to boost interest earning potential and maximise FSCS protection by spreading savings across banks. In this way, Flagstone’s technology provides Saga customers with immediate visibility over their money.

This partnership creates a more streamlined customer experience for Saga’s over-50s customers enabling them to reduce the administration and paperwork associated with opening and maintaining multiple bank accounts, as well as collate multiple accounts into one aggregated interest statement.

Originally created as a platform for individual savers and their wealth managers to access and maintain multiple cash savings accounts in one single place, Flagstone has expanded to create white-label and API-integrated capabilities for household brands, such as Saga, and other UK financial services providers to offer their own customers easy-to-use, adaptable and competitive savings options.

Simon Merchant, Co-Founder & CEO at Flagstone commented: “We are delighted to welcome Saga into the Flagstone family. As customer demand for cash deposit options rebounds in this high interest rate environment, Saga was right to look for a new savings solution that doesn’t impinge on choice or competition.

“Through this partnership, Saga can look forward to providing their fixed-term savings customers with the sort of fast, flexible access they want, to not just one but a whole range of competing savings accounts that make their money work harder.

“Saga’s customers make up one of the UK’s most affluent and fastest-growing demographics. 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.”

By Matthew Neville – Senior Correspondent, Bdaily

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