Pension and Investments Firm Aviva Using Raisin to Launch Cash Savings Accounts
Open platform Raisin is partnering with UK’s leading savings and retirement firm Aviva. 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 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.
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Aviva: UK Savings Soar Yet £225bn Remains In Non-Interest Bearing Deposits Date
1, average £5,000 per household
Interest rates remain at historically low levels
2
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The Bank of England’s Monetary Policy Report
1 in February 2021 showed 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”, despite interest rates remaining at historically low levels
2.
Against this backdrop, leading savings and retirement firm Aviva has today launched a new cash savings platform, Aviva Save
4. This new online marketplace gives customers a choice of different savings accounts from a variety of banks. More banks and savings accounts, including notice and easy access accounts, will be added to Aviva Save throughout 2021, increasing the range of ongoing choice for its customers.