Simon Merchant and Alex Edmans/Flagstone and Saga
Flagstone teams up with Saga on over-50s savings platform
Using Flagstone’s fintech platform, Saga customers can manage their savings across accounts in one place
Cash deposit platform Flagstone is partnering with Saga, which specialises in products for people over 50, on a new savings platform.
Saga will leverage Flagstone’s technology and relationships with more than 50 cash savings providers to offer a product to customers over 50, with a curated choice of fixed rate accounts.
‘Saga Savings Platform’ will offer customers a choice of accounts across terms ranging from one month to seven years from a number of fixed rate savings account providers.
“Thanks to our dedicated in-house research team, we know there is significant demand across this demographic [over-50s] for competitive savings rates, convenience and reduced paperwork,” Saga head of financial services Alex Edmans said.
“With this in mind, we have created a platform that simplifies the savings process by providing a curated range of fixed rate options, accessible through a single website and account, underpinned by exceptional customer service and ensuring that our customers always have access to some of the best fixed rate accounts available.”
Saga found that customers over 50 looking for money and savings products prioritise convenience and accessibility, a reduction in admin and competitive savings rates.
Through the collaboration with Flagstone, customers will be able to easily access and view their accounts, moving money between them in one app.
“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,” Flagstone co-founder and CEO Simon Merchant said.
“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.”
Since 2015, Flagstone has transacted more than £13bn on behalf of its savings customers.
Having started as a platform for individuals and their wealth managers, it has expanded to offer white-label and API-integrated capabilities for brands like Saga as it aims to become the “superbrand” for consumers over the age of 50.