Insurance giant Aviva has partnered with open banking platform Raisin to enter the UK’s savings market.

This partnership enables Aviva to offer cash savings services to its 15 million customers by leveraging Raisin’s Savings as a Service platform.

The firm says its new Aviva Save platform offers a range of fixed saving accounts at “competitive prices.”

The insurer added that it will also allow customers to choose savings offers from other banks and manage them digitally in one place.

The launch follows a recent monetary policy report released by The Bank of England last month. The report stated that households in the UK had accumulated savings of £125 bn during the pandemic, which equals £5,000 per household.

Aviva MD of retail savings and retirement Roger Marsden said: “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 for them and stops them doing anything at all.

“Aviva Save addresses this by offering customers a range of accounts and rates, meaning they can manage their finances and switch between accounts, easily.”

Raisin VP of Europe, and chairwoman Katharina Lueth commented: “The launch of Aviva Save with Raisin’s Savings as a Service represents a significant step toward the future of fintech, bringing embedded finance for the deposits sector mainstream.

“Partnerships like this one demonstrate the increased importance of diversification for consumers as well, including gaining access to higher interest rates to optimise the profitability of their liquid savings.”