UK insurance and pensions house Aviva is moving in to the cash savings market through a tie up with deposit platform Raisin.
The new Aviva Save platform offers the firm’s 15 million customers in the UK a selection of fixed-term savings accounts with competitive rates. Savers can pick and mix offers from a range of banks and manage them all fully digital under one roof on the Aviva Save platform.
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.
Roger Marsden, managing director, retail savings and retirement at Aviva, comments: “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.
“Whilst many savers may be frustrated with the low returns they’ve received on their savings during lockdown, the effort involved in moving their money around is often a barrier to them and stops them doing anything at all. This can lead to a general apathy amongst savers to switch, despite there often being more competitive rates available. Aviva Save will address this by offering customers a range of accounts and rates over time, so they can manage their finances and switch between accounts easily.
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.