Over-50s specialist Saga says it is in “final negotiations” to partner with a leading high street bank on a range of financial products.

The firm, which was started in Folkestone, says it has agreed heads of terms with NatWest. The resulting deal, it says, would result in personal banking products, starting with a “new savings proposition”.

Saga chiefs say the partnership would “combine NatWest’s scale and banking capabilities with our customer insight and marketing strengths”.

It hopes any such deal will support its ambition to grow its money business.

At its recent AGM, Saga said the group was trading in line with expectations for the first four months of the year and remains on track for the full year.

It said holiday bookings were ahead on last year, while its ocean and river cruise arms were also close to capacity.

It also confirmed this week the sale of its insurance underwriting business, Acromas Insurance, by Ageas UK was finally completed on Monday. Originally announced in December, the deal will net £50m to Saga’s bottom line. That is in addition to £80m through a partnership deal with the firm - known as the Affinity Partnership - across its motor and home insurance policies due to begin later this year.