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 and regulated by the Financial Conduct Authority (FCA).

What is the Flagstone platform?

Partnering with more than 40 banks and building societies, Flagstone provides a secure online platform to clients offering them a portfolio of 250+ savings accounts (instant, notice and fixed term), accessible through their single Flagstone account.

Is Flagstone a bank?

No, Flagstone is not a bank. We are an online Fintech platform, aggregating savings accounts from multiple banks to give our clients access to competitive market rates.

How it works

How does Flagstone work?

Partnering with more than 40 banks and building societies, Flagstone offers clients a portfolio of 250+ savings accounts (instant, notice and fixed term), accessible through one single Flagstone account on our digital platform.

Clients open one single Flagstone account on our platform, choose and select from all available deposit accounts from multiple banks, spread their savings and move them between different accounts easily with just a few clicks.

Flagstone provides full control of your cash with 24/7 secure online access. 

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?

Flagstone charges a one-off set-up fee of £500 for new clients opening an account on the platform with deposits over £250,000.

There is also an Annual Management Charge of between 0.15% p.a. and 0.25% p.a. dependent upon the value of deposits held by the client on the platform.

Where is my Flagstone account held?

When you transfer money to your Flagstone account, it is deposited into a ‘Hub Account’ provided by Barclays 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 provides you with 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 single consolidated tax certificate.

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.

Eligibility

Who can open a Flagstone account?

The Flagstone platform is available to individual and joint applicants (18 or older), and also to companies, charities and trusts (including SIPPs and SSASs) to deposit £250,000 or more.

Flagstone can open an account for UK-resident UK-domiciled individuals, UK-resident non-domiciled individuals, expats and US citizens. 

 

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

The minimum deposit required to open a Flagstone account is £250,000. 

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.

Opening an account

How do I apply for an account at Flagstone?

Simply click on the 'Open an Account' button on our website, 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 Applications@FlagstoneIM.com

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

We need your completed and signed application form and engagement letter to open your Flagstone account.


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 the Financial Conduct Authority’s requirements.

How long does it take to open a Flagstone account?
Once your application and the required supporting documents have been received and processed, your Flagstone account should be ready in less than three working days.
Can I open a Euro and/or USD account?

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

Using the Platform

How do I access to my Flagstone account?

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

How do I transfer money to my Flagstone account ?

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

It’s important to ensure that all of the details are correct, that the funds are being paid from your ‘Nominated Return Account’ and that the payment includes your unique client reference number.

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.

Protecting your money

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

Equivalent compensation rules would apply for any EU Bank on the platform going into administration, under the deposit protection arrangements in their “home” EU member state.

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 https://www.fscs.org.uk

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.

Glossary

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.