Natwest’s financial services platform Natwest Boxed has partnered with The AA to launch an instant savings account.
Boxed, which comes from a joint venture between the FTSE 100 lender and European fintech Vodeno, will leverage its embedded finance products for AA customers starting from March 2025.
The new savings account will be FSCS-protected and customers will be able to deposit or withdraw money instantly.
Personal loans will “closely follow” the savings account, with the partnership promising competitive rates and instant disbursement.
The AA looks to expand its range of financial services through the long-term partnership, allowing customers to use saved funds to meet individual needs.
This will include a different product range for its personal breakdown members and insurance customers, as The AA expands membership benefits.
Boxed’s Boss: Partnership is ‘significant step’
AA’s chief executive Jakob Pfaulder said: “We are delighted to announce this financial services partnership with Natwest Boxed as we continue to broaden the range of services we offer our members.
“This partnership demonstrates our strategy to drive growth by expanding our driving services and is supported by the strength of our brand.”
Natwest Boxed’s chief executive Andrew Ellis said: “Our partnership with The AA is a significant step in our journey to be the leading embedded finance provider in the UK.
“Boxed was built to power the financial services aspirations of UK’s biggest brands.
“We are proud to support the ambition The AA has for its customers, using our technology, balance sheet, operational support, and regulatory expertise to drive future growth.”
Natwest Boxed was established in 2022, to create a new Banking-as-a-Service (BaaS) business within the UK.
As the banking industry faces pressures from emerging fintechs, the firm said Boxed “combines decades of banking expertise with state-of-the-art technology”.
Ellis previously said on the Tech.eu podcast that the BaaS model would be “key to the provision of financial services in the future”.
NatWest posted its full-year results last week, narrowly beating analysts’ profit estimate.
The lender booked a £6.2bn pre-tax profit, up 0.3 per cent from 2023.