Frequently Asked Questions (FAQs)

Learn more about Flagstone
Who is Flagstone?

Flagstone is an online deposit account marketplace founded by two experienced ex-bankers in 2013.

Flagstone is revolutionising the UK’s savings market by delivering win-win outcomes for both clients and banks with its innovative online aggregator platform.

Flagstone, registered as Flagstone Investment Management, operates only in the UK and is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 for the provision of payment services.

What is the Flagstone platform?

Flagstone provides clients with a secure online platform which enables them to compare 200+ deposit accounts from over 60+ banks and open as many accounts as they require with just a few clicks. The platform also provides 24/7 reporting and consolidated statements for all accounts held with all banks for any time period.

Is Flagstone a bank?

No, Flagstone is not a bank. We are an online Fintech platform, providing access to hundreds of deposit accounts from over 60+ banks and building societies enabling our clients to maximise their interest income and conveniently increase the value of their deposits that are eligible for FSCS protection. FSCS covers £85,000 per depositor (£170,000 per joint account) per authorised UK bank.

How does Flagstone work?

Partnering with more than 60+ banks and building societies, Flagstone gives you access to more than 200 deposit accounts through a single application.

Using Flagstone's secure online platform, you can quickly and easily diversify your deposits with different UK banks and building societies to increase the total value of those deposits that are eligible for FSCS protection.

Ongoing access to exclusive and market-leading interest rates empowers you to maximise the interest income from your cash.

How can Flagstone access competitive rates?

Due to the volume of deposits we intermediate and through the relationships we have developed with our partner banks, we are able to access exclusive and competitive deposit rates for Flagstone clients.

What fees does Flagstone charge?

For individual and business clients, there are no admin or management fees to pay.

Rather than drain your savings with high fees, we use a ‘share of interest’ model instead. That means we take a small cut of our partner banks’ interest rates – up to 0.30%.

We deduct this before any rates appear on our platform – so the rate you see will always be the rate you receive.

For charity clients, there is an annual management fee of between 0.15% p.a. and 0.25% p.a. depending on the value of deposits you hold on our platform.

For deposits of £250k or more, a one time setup fee of £500 will be payable and automatically taken from your initial deposit. For US Dollar accounts this fee is $500 and for Euro Accounts it is €500. This admin fee applies to all company, charity and trust clients.

Where is my Flagstone account held?

When you transfer money to your Flagstone account, it is deposited into a ‘Hub Account’ provided by HSBC Bank plc. The Hub Account is a segregated trust account set up to receive and hold funds before they are sent on to a deposit account. When a deposit account matures or a request for the return of instant access or notice account deposits is made, the funds are returned to the Hub Account.

Does Flagstone select the deposit accounts for me?

No, using the online Flagstone platform you have full control of which banks you choose to deposit your money with and which accounts you open.

Can I split my deposits across multiple banks?

Through a single Flagstone account, you can use our secure online platform to open as many deposit accounts with as many different banks as you require, in just a matter of clicks.

You can complete all these transactions via our online and secure platform 24/7, without any further paperwork.

Will I have statements for tax returns?

Flagstone gives you visibility of every pound earned and the simplicity of consolidated reporting.

Once you have a Flagstone account, you will have 24/7 access to consolidated statements for all your deposit accounts for any period of time, available to view and download via the platform.

At the end of each tax year, Flagstone will provide you with a summary of interest earned.

How will I know if there are new banks, interest rates, products available?

We will keep you informed by email of new banks, products and rates available on the platform.

Who can open a Flagstone account?

The Flagstone platform is available to individual and joint applicants who are resident in the UK and 18 years of age or older. Accounts are also available to UK-registered companies, charities and trusts (including SIPPs and SSASs). The minimum amount required to open a Flagstone account is currently £50,000 for individual and joint applicants, and £250k for companies, charities and trusts.


What’s the most and least I can save with Flagstone?

The minimum deposit required to open a Flagstone account is currently £25,000 for individual and joint applicants, and £250k for companies, charities and trusts

There is no maximum limit to the amount that you can deposit in your Flagstone account. 

Can I open a joint account?

Yes, you can open a joint account with Flagstone.

How do I apply for an account at Flagstone?

Simply click on the 'Open an Account' button on our website.

For individual and joint applicants, you can complete our new online account opening process.

For all other account types, provide us with your details and we will send you an application pack to complete and return.

If you need any help at any stage, don’t hesitate to contact us at

What documents do I need to open an account with Flagstone?

We need your completed application form to open your Flagstone account. If you are submitting a paper version, your application form and engagement letter should be signed.

Provision of the required source of funds information and certified identification documents with your application will avoid delays in setting up your Flagstone account.

We may need further information or documentation to enable us to complete the processing of your application and meet our regulatory requirements as an FCA authorised firm.

How long does it take to open a Flagstone account?

Our new online application process allows Individual and Joint applicants to submit their details online. For all other applicants, provide us with your details and we will send you an application pack to complete and return.

Once your application form and the required supporting documents have been received and processed, your Flagstone account will typically be opened within two working days.

Can I open a Euro and/or USD account?

Yes, US Dollar and Euro Flagstone accounts are also available. 

How do I access my Flagstone account?

The login screen can be found here:

If you need any assistance accessing the platform, please contact our Customer Care team or click the 'Forgot password?' link.

Flagstone’s online platform is available 24/7 to manage your deposits. 

How do I transfer money to my Flagstone hub account ?

To transfer money to your Flagstone account you need login to your account, go to the ‘Admin’ page and click on ‘Add Funds’.

- You must fund your Flagstone account directly from the Nominated Return Account that you specified on your Flagstone application form. If you do not do this, we will return the funds to you.

- Please ensure that your unique client reference is quoted on any transfer instruction (8 character alphanumeric reference found on "Admin" in the Customer Reference box).

Do I need new applications for each bank every time I place deposits on the platform ?

No, once your Flagstone account is funded, you will be able to open and manage as many deposit accounts as you need on the Flagstone platform.

How long does it take to open deposit accounts on the Flagstone platform?

You can select deposit accounts on the Flagstone platform in just a few clicks without any new application or paperwork.

Some banks open accounts for Flagstone the same day. As a guide, it should not take more than five working days for an account to be opened by any partner bank.

What happens at maturity of my deposits?

At a maturity event, all monies (principal and interest) will be returned to your Flagstone Hub Account. 

Is there a limit to the number of savings accounts I can have?

No, you can open as many deposit accounts as you need on Flagstone platform, there is no limit to the number of deposit accounts you can have.

Can I transfer multiple payments to my Hub Account instead of one lump sum?
Yes, you can transfer multiple payments to your Hub Account. It is important that your unique ‘Client Reference’ is quoted as your payment reference when transferring funds to your Hub Account from your Nominated Return Account, so that your monies are correctly allocated. If your payments do not quote your unique ‘Client Reference’, they may be returned to you.
Is my money safe with Flagstone?

Ensuring the funds belonging to our clients are secure is our number one priority. As a company authorised and regulated by the Financial Conduct Authority (FCA), we are required to hold appropriate levels of regulatory capital and generally organise and manage our business to the high standards set by the FCA.

Flagstone partners with top tier technology providers and security experts to ensure the end to end security. We employ practices and techniques to keep our platform up to date with the ever-changing security landscape and to provide a secure platform to our clients.

Flagstone has adopted internal systems and controls designed to protect client funds from the risk of fraud. These include relevant IT controls, appropriate segregation of duties, restricted access rights and signature protocols.

Importantly, Flagstone does not allow any third-party payments and will only ever authorise payments from a client’s Flagstone Hub Account to their Nominated Return Account.

Do I have FSCS protection with deposits I made through Flagstone?

Yes. In the event that one of the banks on the platform were to go into administration, assuming the bank in question was a member of the Financial Services Compensation Scheme (FSCS), then our client (if eligible) would have a single claim under the FSCS limited to the deposit compensation limit of £85,000.¹

¹FSCS deposit protection is £85,000 per depositor (£170,000 for joint accounts) per bank (as at 27 May 2020). For more information please refer to

What would happen if Flagstone went into liquidation?

Flagstone implements safeguarding measures to protect customer funds.

All funds held by Flagstone on behalf of clients are separated from Flagstone’s own funds and only held in designated trust accounts.

Furthermore, each client’s individual deposits are held against a unique alphanumeric reference number.

Were Flagstone to be placed in administration or wound up, clients retain full beneficial ownership of their funds at all times and as such these will be paid back to the client by the administrator. Clients have no credit exposure to Flagstone.

Hub Account

The Hub Account is a segregated trust account set up to receive the initial monies transferred by the client on to the Flagstone platform before they are sent on to a deposit account. It is provided by Barclays Bank Plc.

Furthermore, the Hub Account acts as the account to which all monies (principal and interest) must be returned by the relevant Flagstone banking partner at a maturity event or when they are requested back by a client in respect of an instant access or notice account.

Nominated Return Account

The Nominated Return Account is the existing bank account through which the transfers to or from Flagstone will be made.

The Nominated Return Account is set up based on the account information provided in the initial application form.

Unique Reference Code

The unique 'Reference Code' is provided with the Hub Account details under 'Add Funds' section.

When transferring money from your Nominated Bank Account, the unique 'Reference Code' should be provided along with account details for Flagstone to process your transfers.  

Instant Access Account

With an Instant Access account, the funds remain in  the account indefinitely until you provide Flagstone with notice that you want to return the funds to your Hub Account.

On receipt of your instruction, Flagstone will instruct the bank to return the funds to your Hub Account.

Once the funds are back in your Hub Account, Flagstone will send you a confirmation by email.

Notice Account

With a Notice Account, the funds remain in the account indefinitely until you provide Flagstone with notice that you want to return the funds to your Hub Account. 

On receipt of your instruction, Flagstone will give notice to the bank and the notice period will start (e.g. 120 days for a 120 day notice account).

When the notice period expires, funds will automatically be returned to your Hub Account. 

Once the funds are back in your Hub Account, Flagstone will send you a confirmation by email.

Term Account

A Term Account has a specific term (e.g. 3 months, 12 months etc.)

Once a Term Account is opened and funded, it cannot be broken until the end of the term.

This means that your cash is locked up in the account for the full length of the term, after which it automatically returns to your Hub Account.