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

Saga, the UK's specialist in products and services for people over 50, has partnered with Flagstone, the UK’s leading 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.

Flagstone has transacted more than £13 billion on behalf of savings customers since 2015. 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, comments:

“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.”

The platform launch is part of Saga’s strategic objective to become the “Superbrand” for older people in the UK, offering a range of specifically curated products and services for those over 50. Through proprietary research**, Saga has recorded what it is exactly that over-50s across the UK look for when choosing money and savings products: convenience and accessibility; a significant reduction in administration and paperwork; and above all competitive savings rates that give them confidence that their money is working hard for them.

Alex Edmans, Head of Financial Services at Saga Money, adds:

“We are very excited to be partnering with Flagstone to launch the innovative Saga Savings Platform that recognizes, and caters to, the distinct set of needs and preferences of those over-50. Thanks to our dedicated in-house research team, we know there is significant demand across this demographic for competitive savings rates, convenience and reduced paperwork. 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 .”

* Based on number of banks on panel, and Trustpilot customer review ratings

** Based on research conducted by Saga’s insight platform, The Big Window, using a standard representative sample of 24 existing and prospective Saga customers over 50 in the UK (August 2023)

Press office contacts

For Flagstone:

Carmen Dixon: 07717 278846 | carmen@ripplecomms.co

Jo Candy: 07909 992082 | jo@ripplecomms.co

For Saga:

Fran Hart | sagainsurance@headlandconsultancy.com