- Redwood becomes 31st bank on the Flagstone cash deposit platform and its 1.40% one-year fixed-term deposit rate is now available on the platform to SME clients
Redwood Bank, which focuses on small and medium-sized businesses in the UK, has become the latest challenger bank to join Flagstone’s cash deposit platform.
Flagstone’s SME clients will now be able access to Redwood Bank’s competitive rates with a 1.40% one-year fixed-term deposit account now live on the platform.
Redwood Bank becomes the 31st bank to join Flagstone, which is the largest cash deposit platform in the UK having transmitted more than £3.5bn of client deposits.
As well as providing access to market-leading and exclusive rates, the platform allows individual and joint account savers, SME corporates and charities to manage their risk and maximise their FSCS protection.
The deal with Redwood Bank follows news earlier this month that a consortium of investors, including Moneysupermarket Group, had invested £11m to help fund Flagstone’s rapid growth.
Gary Wilkinson, CEO & Founder of Redwood Bank, says:
“The Flagstone cash deposit platform is a powerful tool for SMEs, Charities and Individual Savers, and we believe that the combination of their market-leading technology and Redwood Bank’s great interest rates will prove extremely popular. We look forward to working closely with Flagstone to make our rates available to clients easily and efficiently through the platform.”
Andrew Thatcher, Co-Founder and Co-Managing Partner at Flagstone, says:
"We’re delighted that Redwood Bank has joined the Flagstone platform and that its accounts will be available to our SME clients to provide them with ever greater choice and flexibility.
“Many UK businesses are sitting on excess cash but aren’t maximising their interest income or diversifying their risk. Flagstone puts SMEs in control, providing them with access to market-leading and exclusive rates to generate more income and a growing panel of UK banks to diversify risk. By using the platform, they can ensure that that their cash is working as hard as possible for them, now and in the months and years ahead.”
Note to Editors
Flagstone is an FCA authorised and regulated fintech company (FCA reference numbers 676754 and 605504) located in London and founded in 2013. Flagstone’s online cash deposit platform enables companies, charities and individuals to earn more interest and reduce risk through diversification. Completion of a single application gives the client access to over 550 deposit accounts from 31 different banks and enables them to research and open accounts in just a few clicks.
All of the UK banks on the Flagstone platform are authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. Deposits placed with any of these banks via the Flagstone platform are afforded exactly the same Financial Services Compensation Scheme protection (i.e. £85,000 per depositor per authorised institution) as if the client placed the deposit directly with the bank.
Redwood Bank was launched in August 2017, becoming Britain’s newest business bank for SMEs and completing its ‘mobilisation’ phase just over four months after securing its initial banking licence in April 2017. Redwood Bank offers secured SME mortgages for business owners, as well as for experienced commercial and residential property investors. It delivers fast and efficient mortgage decisions to help their business customers seize property opportunities, and also offers competitive business savings accounts. Redwood Bank was founded by Jonathan Rowland and Gary Wilkinson. It has a unique private-public ownership structure, in which Warrington Borough Council has a one-third stake.
For more information please contact:
Stephen Kiggins - Marketing Director, Flagstone
Direct: 0203 745 8125