The AA set to launch instant access savings accounts through NatWest Boxed partnership
The AA, the UK’s largest roadside assistance provider, has teamed up with NatWest’s Banking-as-a-Service (BaaS) business, Boxed, to offer own-brand financial products to millions of its members “as well as the wider market”.
NatWest Boxed was established in 2022
NatWest Boxed, launched in 2022 through a partnership between NatWest and European fintech Vodeno, provides a range of embedded financial solutions including an interest-bearing merchant wallet, point-of-sale (POS) lending, as well as its savings and loan offerings.
Through the partnership, the first known deal for NatWest’s BaaS venture, The AA will leverage Boxed’s embedded finance platform to launch an instant access savings account by the “end of March 2025”, which will be “closely followed” by unsecured personal loans.
Described as the “first step of a long-term strategic partnership”, the companies state that the savings and loan products will be “setting the foundations” for The AA to “grow and offer a wider suite of embedded finance solutions over time”.
The two firms say that the partnership “will enable The AA to substantially expand its range of financial services with transparent financial products that are easy to use, giving AA customers more control, choice, and confidence over their finances, whether they are saving for their first driving lesson or helping with the cost of an emergency repair”.
The companies add that The AA plans to offer a differentiated product range for its personal breakdown members and insurance customers.
Andrew Ellis, CEO of NatWest Boxed, highlights that in addition to its technology, The AA will benefit from Boxed’s “balance sheet, operational support, and regulatory expertise”.
Exciting news about the AA and NatWest partnership! Instant access savings accounts sound like a great opportunity for members. Looking forward to seeing how this develops!