Saga – specialists in insurance products and travel services for the over 50s – has hit the headlines this morning after announcing that Marcus by Goldman Sachs is to become its new long-term savings partner. Together Saga and Marcus aim to launch new products from autumn 2019.
Marcus, launched in the UK in September 2018, has so far attracted over 250,000 UK customers. Currently, its Online Savings Account sits near the top of Moneyfacts.co.uk’s easy access savings comparison chart, paying 1.50%, which includes a 12-month bonus of 0.15%, for those looking to invest between £1 to £100,000.
After a period of challenging results, this announcement is one of several strategic initiatives by Saga designed “to deliver high-quality products and services to its customers”.
Commenting on the new partnership, Lance Batchelor, chief executive officer of Saga, said: “This is an exciting time for Saga and our customers as we announce our new long-term savings partnership. We know that our customers hold a large proportion of their wealth in savings and want to know that they’re getting a great return with a brand they can trust.
“This is an important strategic partnership for Saga that will help us provide innovative and high- quality products that will be designed not just to meet our customers’ needs, but to exceed their expectations.”
Harit Talwar, global head of Marcus by Goldman Sachs, added: “We are excited to collaborate with brands such as Saga and to provide savings products to their customers. This partnership is an example of our ambition to bring our global scale and deep capabilities to meet a broad range of personal finance and investment needs.”
So far, the markets have reacted favourably to this news, with Saga shares up by around 6% in trading yesterday morning.
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