Is my money safe with Flagstone?
Your money is safe with Flagstone in the sense that deposits placed through the platform are held with FCA and PRA-regulated banks, each covered by the FSCS up to £85,000 per institution. Flagstone itself is an FCA-regulated platform — not a bank — that distributes cash deposits across multiple banks to maximise both interest rates and FSCS coverage. If Flagstone ceased to operate, your deposits would remain held directly with the underlying banks.
How does Flagstone work?
Flagstone is a cash deposit marketplace that allows individuals, businesses, and charities to spread savings across dozens of banks and building societies via a single platform. Rather than opening multiple bank accounts manually, users deposit funds into Flagstone, which then allocates money to partner banks according to your chosen criteria — such as best rate, FSCS coverage, or term length. Rates are typically higher than high-street bank offerings.
How much does Flagstone charge and who is it for?
Flagstone charges fees on the interest earned through the platform — typically a percentage of the interest generated rather than a flat fee. The platform is primarily aimed at high-net-worth individuals, businesses, charities, and trustees with significant cash holdings to manage. There is a minimum deposit threshold to join the platform, which is higher than most retail savings platforms.
Open Banking in Practice: Flagstone is regulated by the FCA and uses open banking-compatible API infrastructure to connect with partner banks. Its model is particularly valuable for those with more than £85,000 in savings, as it enables FSCS protection to be spread across multiple institutions. The platform has grown significantly since 2022 as interest rates rose. Read our guide to cash deposit platforms and open banking on openfuture.world.
FAQ
What happens if Flagstone goes bust?
Your deposits are held with the underlying banks directly; if Flagstone itself fails, your money remains with the FSCS-protected banks it was allocated to.
Is Flagstone the same as a savings account?
No — Flagstone is a platform that gives you access to multiple savings accounts from different banks; you are investing time in selecting rates rather than with Flagstone itself.
What is the minimum deposit for Flagstone?
Flagstone has minimum deposit requirements that vary; it is primarily designed for those with larger cash holdings — check their current terms on the Flagstone website.