Natwest's financial services platform, Natwest Boxed, has entered into a partnership with The AA to introduce an instant savings account.
The collaboration, which is set to commence from March 2025, will see Boxed, a joint venture between the FTSE 100 lender and European fintech Vodeno, utilise its embedded finance products for AA customers, as reported by .
The new savings account will be FSCS-protected, allowing customers to deposit or withdraw funds instantly. Personal loans are expected to follow closely behind the savings account, with the partnership promising competitive rates and immediate disbursement.
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The long-term partnership aims to broaden The AA's range of financial services, enabling 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’
Jakob Pfaulder, AA's chief executive, expressed his delight at the partnership with Natwest Boxed, stating: "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."
Andrew Ellis, Natwest Boxed's chief executive, described the partnership with The AA as a significant step in their journey to become the leading embedded finance provider in the 海角视频, adding: "Boxed was built to power the financial services aspirations of 海角视频'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."
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said a representative from Natwest Boxed. Established in 2022, Natwest Boxed was created to pioneer a new Banking-as-a-Service (BaaS) business within the 海角视频.
As the banking sector grapples with challenges posed by emerging fintechs, the company stated that Boxed "combines decades of banking expertise with state-of-the-art technology."
Ellis, in a previous interview on the Tech.eu podcast, suggested that the BaaS model would be "key to the provision of financial services in the future".
Last week, NatWest announced its full-year results, slightly surpassing analysts' profit predictions. The bank reported a pre-tax profit of £6.2bn, marking a 0.3 per cent increase from 2023.