Aviva Launches Savings Platform | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 17/02/2021

Insurance giant, Aviva, has entered the savings market with the launch of its savings platform but savers may find that they are earning less interest when signing up to savings deals through the platform than they would if they signed up directly.

Unlike a comparison website, the Aviva Save platform does not show all of market deals, but instead has teamed up with Raisin to offer selected competitive savings accounts to customers. All deposits made into banks via Aviva Save are held in a holding account with Starling Bank, which means that although Aviva is not a UK licenced bank savings up to £85,000 are protected under the Finance Services Compensation Scheme (FSCS) using the Starling Bank banking licence.

Although customers will not be charged to use the Aviva Save platform, it does receive payments from partner banks based on money deposited via its platform, which means that savers could earn higher interest on the same savings accounts by signing up directly with the bank or building society.

Banks that are currently offering deals on Aviva Save include OakNorth, Aldermore and Paragon, and deals range from under one year fixed rate bonds to long term bonds.

For more information about opening savings accounts through these types of platforms read our guide on savings platforms.

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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