Effortlessly manage, protect and grow your cash
Our cash management service, offered in collaboration with Flagstone, caters to individuals, businesses, and charities by providing access to competitive interest rates across multiple banks. The service helps our clients maximise the growth and security of their cash reserves to align with their financial plan.
This lets you:
- create an entire cash portfolio in one place;
- open new savings accounts in moments;
- capitalise on new, competitive interest rates;
- maximise your FSCS protection on eligible deposits.
For full details about the Flagstone platform, read their client guide.
How Flagstone works
Complete a single online application
Apply for a Flagstone account, and you’ll never need to apply for a savings account again. It approves most applications in minutes.
Fund your Flagstone holding account
Before you open savings accounts through Flagstone, you’ll need to fund your holding account. Think of this as a wallet. Once you’ve funded it, you can use those funds to open as many savings accounts as you like.
Open your chosen savings accounts
Browse and filter hundreds of savings accounts from over 60 banks and building societies – including the likes of Santander, Sainsbury’s, Barclays and Allica. Then, open them in just a couple of clicks. Fixed term, instant access, notice – the choice is yours.
You’ll be able to see any savings accounts you’ve opened on a single dashboard, making it easy to track upcoming maturities, and manage your cash effectively.
Redeposit automatically
When the term ends on any fixed-term savings accounts, you can select a new savings account in advance. Flagstone automatically moves your funds into the new account, so you continue to earn interest uninterrupted, without a moment’s admin.
How Flagstone keeps your cash secure
Flagstone keeps your cash safe in three ways:
1. FSCS protection
Before you open any savings accounts with Flagstone’s partner banks, your cash is held in your Flagstone holding account. This is provided by HSBC, so it’s eligible for FSCS protection up to £85,000 (£170,000 for joint accounts).
Once you’ve deposited your cash into a savings account, that cash is held by the bank in question. Provided that bank is a member of the FSCS, your eligible funds are protected should that bank fail.
2. Trust structure
When your cash is in the Flagstone holding account, it’s held in a trust structure. That means you are always the sole beneficial owner of your cash. If Flagstone were to collapse, Flagstone wouldn’t be entitled to any of your cash.
If Flagstone did collapse and there was cash in your holding account, these funds would be unaffected, as the holding account is provided by HSBC. Any savings accounts you opened through Flagstone would be similarly unaffected, as those deposits would be held directly with the banks in question.
3. Anti-fraud measures
Except in the case of joint accounts, you are the only person who can access, fund and manage your Flagstone account. This helps prevent unauthorised access, defending your cash against fraud.
Contact our financial planning team for more details on this partnership.
