The minimum deposit required to open a Flagstone platform account is £500,000.
The banks and accounts available to you in the platform will vary based on the value of your cash deposits, and the unique circumstances of your business. Cash deposits made through Flagstone platform enjoy the same FSCS protection where eligible per UK authorised bank as if the deposit was placed directly with the bank.
Your UK cash deposits are eligible for FSCS protection.
All UK based banks and building societies on our platform are members of the Financial Service Compensation Scheme (FSCS).
In the event that one of the UK based banks and building societies on the platform were to go into administration then our client (if eligible) would have a single claim under the FSCS limited to the deposit compensation limit of £85,000 per depositor (£170,000 for joint accounts) per UK bank.
The FSCS protects certain qualifying temporary high balances up to £1 million for six months from when the amount was first deposited.
You do not need to do anything – the FSCS will compensate you automatically.