Nationwide Building Society has become the 35th deposit taker to join Flagstone’s cash platform in a deal that will open up a number of new savings products to Flagstone clients.
The partnership with Nationwide marks a year of rapid growth for the London-based FinTech firm, which has signed up 11 banks and building societies to its market-leading deposit marketplace in the past 12 months.
Moreover, the business expects this trend to continue with a healthy pipeline of banks and building societies now working to access the fast-growing number of customers who use the platform to manage their savings.
From the 4th of July, Flagstone’s clients will have access to four Nationwide savings products; an instant access account and 45-day, 95-day and 125-day notice accounts.
In addition to the rates from the UK’s largest building society, Flagstone’s platform now gives customers access to more than 550 deposit accounts from some of the UK’s largest banks and an extensive panel of challenger banks.
As well as providing access to market-leading and exclusive rates, the platform also enables individuals, SMEs and charities to manage their risk and maximise their FSCS protection through diversification.
Flagstone, which launched in 2013, is the exclusive cash deposit platform provider to some of the UK’s biggest wealth managers, including St. James’s Place, Quilter Cheviot, Tilney Group and others.
The deal with Nationwide follows news in May that a consortium of investors, including Moneysupermarket Group, had invested £11m in Flagstone to continue to drive its growth.
Andrew Thatcher, Co-Founder and Co-Managing Partner at Flagstone said:
"We are thrilled that Nationwide have decided to join the Flagstone platform and enter into an agreement of this type for the first time. Being able to partner with a business that has the quality and heritage of Nationwide is testament to not only our growth but also the hard work of the teams on both sides who have worked closely together to ensure that clients will have even greater choice and flexibility when looking for competitively priced savings products. We look forward to a long and fruitful relationship with Nationwide and welcome them in joining the other UK high street banks who have contracted to our platform this year.”
Darren Bailey, Head of Business Savings at Nationwide said:
“We are delighted to be offering Nationwide’s Business Savings products on the Flagstone Platform. Flagstone customers will now be able to benefit from both Nationwide’s broad range of competitive products and the peace of mind that comes with depositing with the world’s largest building society."
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 clients to earn more interest and reduce risk through diversification. Completion of a single application gives the client access to a range of deposit accounts from an extensive panel of banks and building societies and enables them to research and open multiple accounts in just a matter of keystrokes. The platform puts clients in control of their cash, giving them access to market-leading and exclusive rates from both high street and challenger banks and building societies, consolidated reporting and regular new rate alerts to ensure that their cash is working as hard as possible for them 24/7. For more information, see www.flagstoneim.com or watch a short film explaining what we do and how it benefits clients by clicking here.
All of the UK banks and building societies 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 deposit takers via the Flagstone platform are afforded exactly the same Financial Services Compensation Scheme protection (i.e. £85,000 per individual depositor per authorised institution) as if the client placed the deposit directly with the bank.
Nationwide is the world's largest building society as well as one of the largest savings providers and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers.
The Society has around 18,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline.
For more information please contact:
Stephen Kiggins - Marketing Director, Flagstone