Anyone Used Flagstone
Discussion
Came across these guys when looking for decent deposit rates, and the concept seems to be good https://www.flagstoneim.com/business/
Anyone had any experience with them?
Anyone had any experience with them?
I’d make the same general comments as in this thread:
https://www.pistonheads.com/gassing/topic.asp?h=0&...
https://www.pistonheads.com/gassing/topic.asp?h=0&...
It's an interesting concept from a convenience perspective, but bear in mind that Flagstone will take "up to 0.3%" of the gross interest received as a management charge.
Looking at the Personal (rather than Business) product, this is reflected in the net rates being offered. They appear to be lower than if you went the DIY route. The choice of accounts isn't particularly extensive, either.
I guess the question to ask is, does "up to 0.3%" represent good value, or could you keep that for yourself and use a spreadsheet to monitor several separate savings accounts instead?
Looking at the Personal (rather than Business) product, this is reflected in the net rates being offered. They appear to be lower than if you went the DIY route. The choice of accounts isn't particularly extensive, either.
I guess the question to ask is, does "up to 0.3%" represent good value, or could you keep that for yourself and use a spreadsheet to monitor several separate savings accounts instead?
For me (mainly on the business cash side though I do have a personal account too) it's being able to easily view everything in one place and chop and change as interest rates change (or as, say, a 3 month fixed term ends). They also generate a statement at the end of each financial year for tax purpose for the lot rather than having to calculate it separately for each account.
Am paying 0.23%
Am paying 0.23%
Thanks all - very interesting.
Regarding their fees, it seems that they take them from the Banks - not us. Their website says:
[b]How does Flagstone make money?
For each savings account you open through Flagstone, we receive a small share of the interest (up to 0.30%).
We deduct that share before we feature any savings account on our platform – so the rate you see will always be the rate you receive.[/b]
So their advertised rates are net after the commissions. Considering that the advertised rates are higher than what I can get with the individual banks, that seems impressive. I applied for an account yesterday.
Regarding their fees, it seems that they take them from the Banks - not us. Their website says:
[b]How does Flagstone make money?
For each savings account you open through Flagstone, we receive a small share of the interest (up to 0.30%).
We deduct that share before we feature any savings account on our platform – so the rate you see will always be the rate you receive.[/b]
So their advertised rates are net after the commissions. Considering that the advertised rates are higher than what I can get with the individual banks, that seems impressive. I applied for an account yesterday.
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