The new Aviva Save platform offers Aviva customers with a selection of fixed-term savings accounts with competitive rates
Aviva enters UK cash savings market through Raisin Savings as a Service. (Credit: Raisin GmbH.)
Open Banking pioneer Raisin is partnering with UK’s leading savings and retirement firm Aviva with over 33.4 million customers worldwide. The fintech leveraged its Raisin Savings as a Service technology to launch Aviva Save, allowing the pension and investments specialist to enter the cash savings market for the first time in the UK.
The new Aviva Save platform offers Aviva customers – with 15 million customers in the UK – a selection of fixed-term savings accounts with competitive rates. Aviva savers can pick and mix savings offers from a range of banks and manage them all fully digital under one roof on the Aviva Save platform – without paper forms or hassle, and with complete financial growth visibility.
The launch follows The Bank of England’s Monetary Policy Report in February outlining* that “households have accumulated an excess stock of savings of £125 billion” throughout the pandemic, equating to an average of £5,000 per household. The Bank of England expects this figure “to rise substantially over the first half of 2021.”
Roger Marsden, Managing Director, Retail Savings and Retirement said, “Although we recognise that not everyone will have the luxury of extra cash at this time, those who do will want their money to work as hard as possible.
Aviva is the latest investment giant to enter the UK cash savings market through the Raisin Savings as a Service offering, following the launch of Willis Owen and AJ Bell late in 2020.
Raisin is a pioneer for open banking and the leading pan-European one-stop-shop for online savings and investments. To date, Raisin has brokered 30.5 billion Euros across Europe and has 320,000 customers across 31 European countries on eight platforms. With 104 partner banks, Raisin offers by far the largest variety of products and partner banks of all savings platforms and allows customers a wider choice and freedom of choice.
Katharina Lueth, VP of Europe for Raisin and Chairwoman of Raisin UK, commented:
“The launch of Aviva Save with Raisin’s Savings as a Service represents a significant step toward the future of fintech, bringing embedded finance for the deposits sector mainstream. In December, flows into other deposit accounts within the UK savings market rose to £20.9 bn, an increase from an already high £18.4 bn in November. As a result, the Bank of England estimates that there is almost £1.6 tr in household cash deposits – with a worrying £225 bn sitting in non-interest bearing deposits. Partnerships like this one demonstrate the increased importance of diversification
for consumers as well, including gaining access to higher interest rates to optimize the profitability of their liquid savings.”
Source: Company Press Release