UK Savers Hit By NS&I Cuts Can Get 1.6% With Flagstone

London - Wednesday, 23 September 2020

 

The Government is pulling the plug on NS&I interest rates. But there are still competitive deals out there with the essential FSCS protection.

Flagstone, the UK's largest smart savings platform offers UK savers 1.6% interest rate* in wake of NS&I's announcement.

Following the announcement that NS&I’s market-leading rates are dropping on the 24th November, to 0.01% and 0.15% for Income Bonds and Direct Saver respectively, individual savers with cash to stash are eagerly seeking alternatives with competitive rates and FSCS protection for their hard-earned savings.

The Government-backed rate change also coincides with stock market volatility, the end of the furlough period for many and a rising number of regional lockdowns. Plus, the pending new national restrictions for living and working will impact a high number of individual income streams.

Collectively these factors mean income for many will be at an all-time low for 2020 – making securing the best interest rates for savings more important than ever.

Simon Merchant, CEO of the smart cash platform Flagstone explains “The next squeeze on the economy has the potential to hurt more than the first as reserves have run dry, payment holidays have ended and the Government is pulling the plug on NS&I’s interest rate. But there are still competitive deals out there with the essential FSCS protection for those with savings seeking a safe place for their cash that can deliver returns even in these trying times.”

Flagstone savers can currently receive up to 1.60%* on their savings across the platform’s extensive portfolio of over 40 banks and more than 250 accounts – all accessible through one easy online interface.

The ongoing shift in culture to access financial services online has built greater trust in platforms like Flagstone and a greater tendency for individual savers to save directly with them. There has been a steady growth in such savers on the Flagstone platform since March, and Flagstone predicts that the NS&I rate decrease will result in an acceleration of that growth.

To open a Flagstone account, send us an enquiry. A minimum deposit of £250,000 applies.

 

* The annual equivalent rate (AER) shown in gross before fees, correct as of 22nd September 2020

 

NOTES TO EDITORS

About Flagstone:

Flagstone is an FCA authorised and regulated fintech company 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 hundreds of deposit accounts from 45 banks and enables them to research and open multiple accounts in seconds. The platform puts clients in control of their cash, giving them access to market-leading and exclusive rates from a growing panel of UK banks, 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 video explaining what we do and how it benefits clients.

 

For more information please contact: 

Ruth Stone – Orchid PR

Email: ruth@orchidpr.co.uk
Tel:     07788 417109

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