Flagstone is a savings platform that partners with other banks to make it easier for you to move your money to better payers
Flagstone is a savings platform that partners with several different banks. By signing up for it, you get access to all of the savings accounts that it offers and can move your money between them easily. Flagstone also has a Cash ISA, which lets you split your money between several accounts while keeping it all under your ISA wrapper. Here’s how Flagstone works, how FSCS protection works, and why you’d choose to save with it.
Some articles on the site contain affiliate links, which provide a small commission to help fund our work. However, they won’t affect the price you pay or our editorial independence. Read more here.
What is Flagstone?
Flagstone is a savings platform that offers both savings accounts and Cash ISAs, however, it’s not a savings account — it’s an intermediary between you and the savings accounts on its platform. The benefit of this is that you only need the one account to access all of the providers, and you can move your money easily between different accounts to chase a better rate.
The downside of this is that you’re potentially losing out on a better rate with a savings account elsewhere — but as long as you still compare rates, both with Flagstone and other savings providers, then you’re not limiting yourself.
There are other savings platforms, including Raisin and Meteor Savings that work in a similar way. We compare all savings accounts on our savings tables, including those offered by these platforms.
Savings accounts available with Flagstone
There are several different types of savings accounts available with Flagstone that might suit you depending on how long you’re planning on saving for, and how ‘locked up’ you can handle your savings being.
- Instant access savings accounts
- Notice savings accounts
- Fixed-rate savings accounts – from 6 months to 5 years
- Cash ISAs
Flagstone ISA
The Flagstone cash ISA is similar to the one with Meteor. This means that you can split your savings between several different savings providers, keeping it all within your ISA wrapper. It’s also easy to move it between accounts, if you want to (as long as the savings account you’ve chosen doesn’t restrict you from doing so).
However, as before, you could be restricting yourself to only accounts within the Flagstone platform — you can still transfer out of Flagstone, if there’s a better account available, though.
Make sure that you keep an eye on all of the accounts available on the market.
Get the best of our money saving content every week, straight to your inbox
Plus, new Quidco customers get a high paying £18 welcome offer
Partner banks
At the time of writing, these are the banks partnered with Flagstone:
- Societe Generale
- AlRayan Bank
- Chetwood Bank
- ABC International Bank plc
- National Bank of Kuwait (International) PLC
- Hampshire Trust Bank
- Gatehouse
- IsBank
- Shawbrook
- Ziraat Bank
- FCMB Bank (UK) Limited
- Aldermore
- thisbank
- BLME
- Emirates NBD
How much can you save with Flagstone?
The minimum deposit to open a Flagstone account is £10,000. However, different savings accounts on the platform have different minimum and maximum deposits.
Usually, you want to save no more than the FSCS limit, however, as Flagstone is an intermediary, not a savings account, the FSCS protection sits with the individual banks rather than the platform, more on this below.
How does FSCS protection work with Flagstone?
Flagstone isn’t FSCS protected, but it does partner with FSCS protected savings providers. That means that you get FSCS protection of up to £120,000 with each partnered bank.
Be careful to make sure none of your existing savings or bank accounts shares FSCS protection with any of the banks you plan to save into with Flagstone.
Featured investing offer
Customer rating
3.8/5
- Offerfree £50 in fractional shares*
- Annual fee£0
- Investment stylesShares, funds or ready-made portfolios
- Minimum deposit$50
- FSCS Protected? Yes
- Interest on uninvested cash 3% on balances up to $50,000, 3.8% on balances over this
- Fractional shares Yes
- Foreign exchange fee 0.7%
- Fund fees If you invest in funds, you'll have to pay fund fees, which cost on average ~0.16% per year, with additional market-spread effects up to 0.05%
- Offer You need to sign up, verify your account and deposit at least £200 to get the free assets. ISA deposits aren't included in the £200 requirement to get the offer.
- Authorised and regulated by the Financial Conduct Authority Yes, FRN 583263
- Risk warning The value of your investments may go up or down. Your capital is at risk. ISA powered by Moneyfarm. ISA rules apply. UK residents only.
- Accounts available General investment account, stocks and shares ISA (additional fees apply)
Summary: is Flagstone any good?
Zoe’s analysis
On the whole, Flagstone is a great idea — just one account and the ability to easily move your savings from account to account, always chasing the best rate. However, it doesn’t quite work out in this utopian way — it’s not partnered with every bank, so you still need to compare savings rates across all platforms, including Flagstone, to ensure you’re getting the best rate. You’re also limited by any restrictions the partner banks place on their accounts. Of course, where the best rate is another Flagstone account, the transfer between them can be seamless, making the whole experience easier.
That being said, Flagstone accounts are regularly in our tables of the best savings accounts, so it often gives you access to some of the top accounts available.
