Raisin and Aviva launch savings partnership

Throughout the pandemic the savings rate has soared with £225bn sitting in non-interest bearing deposits.

Insurance giant Aviva, which has 15 million customers in the UK, has launched a new cash savings platform Aviva Save with savings fintech Raisin to offer fixed-term savings accounts.

The new online marketplace gives customers a choice of different savings accounts from a variety of banks. Notice and easy access accounts will be added to Aviva Save throughout 2021.

A record £125bn was added to saving reserves during the lockdown, making an average £5,000 per household but interest rates remain at historically low levels.

Raisin, which uses open banking to find the best savings rates for users, has previously teamed up with the investment platforms AJ Bell and Willis Owen on similar propositions.

Katharina Lueth (pictured), VP of Europe for Raisin and Chairwoman of Raisin UK, said: “The launch of Aviva Save with Raisin represents a significant step in the future of deposits and the fintech industry. In December, flows into deposit accounts within the UK savings market rose to £20.9bn, an increase from an already high £18.4bn in November.” 

“As a result, the Bank of England estimates that there is almost £1.6tr in household cash deposits - with a worrying £225bn sitting in non-interest bearing deposits. Partnerships like this demonstrate the increased importance of finding new ways to provide customers easy ways to access higher interest rates and optimise their savings.”