Flagstone Investment Management
Discussion
With interest rates being a little more favourable (for savers), I'm revisiting the idea of using a corporate savings platform. I'm also keen to provide adequate FSCS cover by spreading cash over a number of accounts.
Last time I looked, Flagstone weren't the cheapest, but the user interface, the ease of administering the accounts, the favourable rates and the choice of banks did seem to put them ahead of the others.
Does anyone have current experience of savings platforms and, if so, is Flagstone still a serious contender ?
Last time I looked, Flagstone weren't the cheapest, but the user interface, the ease of administering the accounts, the favourable rates and the choice of banks did seem to put them ahead of the others.
Does anyone have current experience of savings platforms and, if so, is Flagstone still a serious contender ?
Greenmantle said:
dont bother.
had a look at HL and others - not much selection and you get a better rate by manually searching yourself.
there are a number of comparing sites like savingschampion.
I am currently re-grouping my savings waiting for the BOE announcement on the 3rd.
I recently opened an account with Investec. It was seamless - easy online application, with account accepted and funds deposited within 48 hours.had a look at HL and others - not much selection and you get a better rate by manually searching yourself.
there are a number of comparing sites like savingschampion.
I am currently re-grouping my savings waiting for the BOE announcement on the 3rd.
Conversely, I applied for a Business Savings Account with a very well known 'High Street' bank earlier this week. Maybe 20 minutes to complete the online application, only to be told to expect notification of acceptance in about 12 weeks.
I don't think I have the patience to go through that multiple times, hence looking at a 'one-stop-shop' savings platform.
I agree that HL have minimal choice and, for this reason, they do not seem a viable option for me.
Do your research properly before committing.
Depending on the platform, you may find things such as:
1) your capital not being fully FSCS protected whilst in a holding account (albeit they should be segregated from the firm’s and subject to client money rules)
2) accounts at banks not being in your name (introducing servicing risks)
3) deposits being placed in excess of FSCS protection limits if you want to maximise rates
4) the platforms themselves being small companies (with all that implies), financially weak (in some cases loss-making), and in at least one case clearly needing to raise additional investment
It’s a relatively new market but you need to decide whether the fees and risks are acceptable for what you get in return.
Depending on the platform, you may find things such as:
1) your capital not being fully FSCS protected whilst in a holding account (albeit they should be segregated from the firm’s and subject to client money rules)
2) accounts at banks not being in your name (introducing servicing risks)
3) deposits being placed in excess of FSCS protection limits if you want to maximise rates
4) the platforms themselves being small companies (with all that implies), financially weak (in some cases loss-making), and in at least one case clearly needing to raise additional investment
It’s a relatively new market but you need to decide whether the fees and risks are acceptable for what you get in return.
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