Saga, a financial services firm that focuses on serving people aged over 50 years, has collaborated with Goldman Sachs’ consumer bank Marcus to introduce two new savings products.
The two companies earlier signed a partnership to launch long-term saving products in June this year.
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“Exclusively available direct from Saga, both products benefit from Saga’s telephone support service for customers and access to its membership programme, Saga Possibilities,” Saga said in a statement.
One of the new products, Saga Easy-Access Savings Account, pays 1.4% AER. This includes a 0.25% bonus rate that stops after the first 12 months. Moreover, users are not charged penalties for daily withdrawals.
The other product Saga 1 Year Fixed Rate Saver provides a guaranteed 1.15% AER on deposits.
Commenting on the alliance, Saga CEO Lance Batchelor said: “Our strategic partnership with Marcus by Goldman Sachs supports our commitment to delivering highly differentiated, competitively priced products designed to meet the unique needs of our over 50s customers.”
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By GlobalDataGoldman Sachs is a US-based investment banking major and relatively new to the consumer banking scene.
The bank initially launched Marcus by Goldman Sachs in the US in 2016. The platform, which offers consumer personal loans, savings and personal financial management services, was made available in the UK in 2018.
