Saga, the UK-based specialist in services for individuals aged 50 and above, has partnered with Flagstone, a UK cash deposit platform, to launch a savings platform tailored specifically for the over-50 demographic.
This collaboration sees the introduction of a Saga Savings Platform, powered by Flagstone‘s technology and its extensive network of over 50 UK cash savings providers. The platform aims to offer customers easy access to a carefully curated selection of fixed-rate savings accounts through a single, user-friendly application.
Customers using the Saga Savings Platform will have access to a range of accounts with various terms, from one month to seven years. They can also manage their savings by moving funds between these accounts on a single application, thereby optimising interest earnings and enhancing FSCS protection by diversifying their savings across multiple banks.
Flagstone’s technology also provides Saga customers with immediate visibility and control over their finances. This partnership streamlines the customer experience for Saga’s over-50s clientele, reducing administrative complexities associated with managing multiple bank accounts and providing consolidated interest statements.
Flagstone has facilitated transactions exceeding £13billion for savings customers since 2015. Originally designed as a platform for individual savers and wealth managers to access and maintain multiple cash savings accounts in one central location, Flagstone has expanded its capabilities to offer white-label and API-integrated solutions for brands such as Saga and other UK financial services providers.
“We are delighted to welcome Saga into the Flagstone family,” said Simon Merchant, co-founder & CEO at Flagstone. “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.
“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.”
This platform launch aligns with Saga’s strategic objective to become the ‘Superbrand’ for older individuals in the UK, offering a curated range of products and services tailored to those aged 50 and above. Proprietary research conducted by Saga has shown that over-50s in the UK seek convenience, accessibility, reduced administrative burden, and competitive savings rates in their financial products.
Alex Edmans, head of financial Services at Saga Money, also commented: “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.”