Frequently Asked Questions (FAQs)

Learn more about Flagstone

What is Flagstone

Flagstone is the UK's leading cash deposit platform*. Where individuals, businesses, and charities can open and manage multiple savings accounts, from 65+ banks. All in one place, with a single application. 
 
Founded in 2013, we now help over 75,000 clients protect and grow their cash. 
 
moneysavingexpertise is registered as moneysavingexpertise LTD, and authorised by the Financial Conduct Authority (FCA) under the Payment Services Regulations 2017 for the provision of payment services.. 
 
*Based on our number of partner banks, assets under administration, and client service scores. 

What can I do with Flagstone

As a Flagstone client, you can: 
 
Maximise your interest. With exclusive interest rates to choose from, you can grow your cash with minimal effort. After all – few dreams fund themselves. 
 
Escape the paperwork. Access 450+ savings accounts from 65+ banks, with one application, and one password. Easily move and manage your cash, forever. 
 
Protect what's yours. Effortlessly divide your cash between banking groups, and ensure greater FSCS protection on eligible deposits. Like a suit of armour for your savings. 

Is Flagstone a bank?

No, Flagstone isn't a bank. Instead, we're the UK's leading savings platform – where you can open savings accounts from a wide range of banks in one place.

We currently work with 65+ bank partners, which list their savings accounts on our platform. Once you've signed up to Flagstone, you can deposit with any of those banks without any further checks or paperwork. It's a more convenient approach to managing cash across multiple banks.

For every savings account you open through Flagstone, we'll ask you to confirm that you've read the terms for that account. These terms outline the relationship between Flagstone and the bank in question, as well as our duties and responsibilities respectively. If there's ever any conflict between the terms for a particular savings account and the terms you signed when you joined Flagstone, the Flagstone terms will apply.

 

How does Flagstone work?

Flagstone lets you open multiple savings accounts from 65+ banks. All in one platform, with a single application. 
 
This makes it easy to create and manage a cash portfolio. Choose from 450+ savings accounts (including Fixed Term, Notice, and Instant Access), spread your cash between accounts, and increase your FSCS protection (where eligible). 

How can Flagstone offer competitive rates?

We've built strong relationships with each of our 65+ partner banks. And, because we now have over £20bn in assets on our platform, we're able to access exclusive and market-leading* interest rates for Flagstone clients. 

*Based on our number of partner banks, assets under administration, and client service scores.

How does Flagstone make money?

For each savings account you open through Flagstone, we receive a small share of the interest. We deduct that share before we feature any savings account on our platform – so the rate you see will be the rate you receive.  

We also receive interest from cash in the holding account.

Learn more about our share of the interest. 

Where is my Flagstone account held?

When you transfer funds to Flagstone, we hold them in a 'holding account', provided by HSBC Bank plc. 
 
The holding account acts like a wallet, which you can use to open savings accounts with 65+ banks. It's also where we'll return any deposits that mature, and any withdrawals you make. 
 
The funds in your holding account are held in a 'blind trust'. That means you're always the sole beneficial owner – we never have any access to your cash. We also never pool your cash with Flagstone's own funds. 

Does Flagstone choose and open savings accounts for me?

In short, no. Our aim is to make it easy for you to select and open whichever savings accounts suit your goals. You retain full control over your cash, always.

Can I split my deposits across multiple banks?

Yes. With a single Flagstone application, you can open and manage savings accounts from 65+ banks. All in one place, with one password. 

Will I receive statements for my tax returns?

Yes. You can download consolidated statements that show every penny you've earnt in interest over the course of a year, across your entire Flagstone portfolio. For minimal admin when tax time rolls around. 

How will I know when there are new banks and savings accounts available on the platform?

We'll keep you updated by email. We regularly add new banks and savings accounts to the platform, and you'll always be the first to know. 

Can I open a Flagstone account?

Individual & joint applicants 

The Flagstone platform is available to individual and joint applicants who are UK residents aged 18+, with a UK current account. The minimum initial deposit for individual and joint accounts is £10,000. 

Companies, charities, and trusts 

We also offer accounts for UK-registered companies, charities and trusts (including SIPPs and SSASs). For companies, the minimum initial deposit is £100,000. For charities and trusts, it's £1m.

Are there any deposit limits or minimums?

The minimum deposit to open an individual or joint account is £10,000. This rises to £100,000 for UK-registered companies and trusts (including SIPPs and SSASs), and £1m for charities. 

There is no maximum deposit limit for opening your Flagstone account – but many of our bank partners have their own limits for individual savings accounts. We'll always clearly illustrate minimum and maximum deposits for each savings accounts available through the platform. 

Does Flagstone offer joint accounts?

Yes, we offer joint accounts. 

How do I apply for a Flagstone account?

Simply click the 'Open an Account' button on our website. 

For individual and joint applicants, you can complete your entire application online. 

For business, charity, and trust accounts, please provide your details and we'll send you an application pack shortly. 

If you need help at any stage, don't hesitate to contact us at info@moneysavingexpertise.com. 

Which documents do I need to open an account?

For individual and joint accounts, we'll always need you to complete an online application. This asks for your: 

  • Address history for past three years 
  • National Insurance Number and/or TIN 
  • The details for your nominated bank account 

In some cases, we may need further documentation to comply with FCA regulations. This includes proof of source of funds, and source of wealth. 

If you're submitting a paper application, please make sure to sign both your application form and Engagement Letter. 

How long does it take to open an account?

For individual and joint accounts, we're able to approve most online applications in just a few minutes. But there are instances where we'll need more information. In this case, once we have all the documents we need, we'll typically open your account within two working days. 

For business, charity, and trust accounts, we'll typically open your account within two working days, once we've received your signed application and any supporting documents. 

Can I open accounts for other currencies, like Euro or USD?

Yes, we happily offer USD and Euro accounts. 

How can I delete my account?

If you'd like to delete your Flagstone account, please contact the Client Services Team at info@moneysavingexpertise.com or . We'll review your request, and respond within 30 days. Before we can fulfil your request, we may need additional information such as proof of ID.

This process is in line with your rights under the UK General Data Protection Regulation (GDPR), including the right to request the erasure of your personal data (also know as the right to be forgotten). We may need to retain certain data for legal or regulatory reasons – for example, our anti-money laundering obligations. We'll always let you know if we need to keep any data for these or other reasons.

Once we've erased your data, this process is irreversible. If you'd like to open a new account with Flagstone in the future, you'll need to complete the application process again.

If you have any questions about how we process your data, you can learn more in our Privacy Notice. Alternatively, you can contact our Data Protection Officer at info@moneysavingexpertise.com.

How do I access my Flagstone account?

You can log in to your account here. 

If you have any trouble logging in to your Flagstone account, you can create a new password by clicking 'Forgot Password?'. Alternatively, contact our Client Services team. 

How do I transfer funds to my Flagstone holding account?

First, log in to the Flagstone platform. 
 
Then, navigate to 'Add funds'. There, you'll find the details for your unique holding account. You can use these to transfer funds online, or through a bank transfer. 

You must fund your holding account from the current account you nominated in your initial Flagstone application. To keep your cash secure, we'll return any transfers from other current accounts. 
 
Please make sure to quote your Flagstone client reference in any transfer. You'll see this under 'Reference' on the 'Add funds' page. 

Do I need to apply every time I want to open a new savings account through Flagstone?

Certainly not. Once you've funded your holding account, you can open as many savings accounts as you like, in a matter of moments. 

With Flagstone, you'll never need to fill out another application again. 

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 when my Fixed Term deposits mature?

When you come to the end of a term, all the cash in the account (both your initial deposit and any interest) will return to your Flagstone holding account.  
 
From there, you can either redeposit the funds into a new savings account, or withdraw it. 

Withdrawals from your holding account usually reach your nominated account (the account you provided in your initial application) on the next working day.

Is there a limit to the number of savings accounts I can open through Flagstone?

No – you can open as many savings accounts as you need. 

Can I make multiple payments to my holding account, rather than one lump sum?

Yes, you can make as many payments as you need. Just make sure to include your unique client reference in any payments you make. 
 
This helps us make sure your funds arrive in the right holding account. If you don't quote your unique reference, we may need to return your payment. This could result in lost interest. 

Is my cash safe with Flagstone?

The security of your cash is our priority. That's why we've taken multiple steps to keep it safe: 

 
FSCS protection 
 
Every UK bank available on our platform is a member of the Financial Services Compensation Scheme (FSCS). This is also the case for your Flagstone holding account, provided by HSBC. 
 
If any of these banks were to fail, your eligible deposits would be insured (up to £120,000 per individual, per banking group). 
 
Technical security 
 
We work with both internal experts and external partners to secure our platform against any malicious actors. The only person who will have access to your funds, is you. 
 
Anti-fraud measures 
 
In line with the Financial Conduct Authority's regulations, we take all appropriate measures to prevent fraud. These include IT controls, segregation of duties and responsibilities, restricted access rights, and signature protocols.  
 
We also ensure that you're the only person who can pay into or withdraw from your Flagstone holding account (except in the case of joint Flagstone accounts, or a verified Power of Attorney).

Are my deposits protected by the FSCS?

Every UK bank available on Flagstone's platform is a member of the FSCS. So, if they were to fail, your eligible deposits would be protected. 
 
FSCS protection covers £120,000 per individual, per banking group (or £240,000 for joint accounts). When creating your Flagstone portfolio, it's your responsibility to understand which banks sit within the same banking group. 

What if Flagstone went into liquidation?

Because we keep your cash separate from Flagstone's own funds, your cash would be protected if we ever went into liquidation. 
 
The cash in your Flagstone holding account is kept in a 'blind trust'. This means you always retain full beneficial ownership – we have no access or control over it. Should Flagstone go into liquidation, the FSCS will protect all eligible funds in your holding account (up to £120,000 for individuals). 
 
Once you deposit any of your cash into savings accounts, those funds are held by the bank in question (not Flagstone). So, should Flagstone Group Limited ('Flagstone') fail, these funds would not be affected. 

Holding account

It's a temporary home for your cash while you choose which savings accounts to open. 

It's provided by HSBC, so all eligible deposits are protected up to £120,000 per client, per banking group. Or £240,000 for joint accounts. 
 
You can use it to fund new savings accounts, and hold returning cash while you decide what's next. You can fund and withdraw at any time. 
Withdrawals from your holding account usually reach your nominated account (the account you provided in your initial application) on the next working day.  
 
Cash in the holding account doesn't earn you any interest. Once you've funded, it's important to open savings accounts as soon as possible. 

Nominated account

The nominated account is the existing bank account through which the transfers to or from Flagstone will be made.

The nominated 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 holding account details under 'Add Funds' section.

When transferring money from your nominated 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 holding account.

On receipt of your instruction, Flagstone will instruct the bank to return the funds to your holding account.

Once the funds are back in your holding 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 holding 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 holding account. 

Once the funds are back in your holding 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 holding account.