Flagstone: One application to Flagstone gets you access to 45 banks & building societies so you can increase your interest and reduce risk.
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What is Flagstone's Revenue?
Flagstone's estimated revenue for 2024 is $13.34M.
What does Flagstone do?
Flagstone's secure online cash deposit platform gives Individuals and Joint account holders, buisnesses, charities and trusts access to hundreds of deposit accounts on completion of a single application, empowering them to earn more interest income and reduce risk through diversification and greater utilisation of the protection provided by the Financial Services Compensation Scheme (FSCS).
Optimise interest income with ongoing access to exclusive rates.
Diversify cash across multiple accounts to maximise FSCS protection.
Authorised and Regulated by the FCA (Financial Conduct Authority).
Cash platform provider to St. James's Place, Quilter, Tilney and CAF.
Flagstone holds the FStech Consumer Finance Product of the Year Award and the MoneyAge Innovation in Consumer Finance Award 2020.
To find out how you could benefit from using the Flagstone platform, go to www.FlagstoneIM.com or contact us on 0203 745 8130 or at [email protected]
Flagstone was founded in 2013 and is authorised and regulated by the Financial Conduct Authority. Financial Services Register number 605504.
We already had active savings accounts elsewhere but on the principle of not having all one's eggs in one basket decided to try this platform as they have received good reviews.The difference with Flagstone (relative to the existing platform) is that they charge a fee of .25% in addition to a one off start-up fee, normally £500 but I was assured this would be reduced to £250 in our case. I was also assured that the net interest on available bank deposits would be competitive with other platforms not charging a fee.
I could only fund the account by bank transfer which my bank charged me for (there would have been no charge for a debit card payment). When I logged in (after funding was complete) the first thing I noticed was that the full £500 had been deducted. Not a great start.
They also collect their fee a year in advance, which is a touch cheeky (I did know, after I set up the account, that this would happen so I'm not suggesting this was a surprise).
Then I discovered that the net rates available weren't as good as on my other platform. there are plenty of banks on offer but for most of them the net return after deducting the .25% fee is minuscule.
Finally the response times on the website were poor.
These experiences don't warrant as much as a three
star review, so there are positives.
1. The website does 'do what it says on the tin'
2. I was able to set up a joint account with my wife, saving the hassle of breaking up funds even further to stay within protection limits
3. If interest rates ever increase to a sensible level, the annual fee, which is exorbitant in the context of current interest rates, will seem more reasonable.
But a less than satisfactory start so time will tell whether we stay long enough to gain advantage from 3. above!
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