Flagstone assures growing customer base it’s ‘Business as Usual’
- Cash management
- 15.06.2020 01:43 pm
Flagstone, the UK’s largest smart cash platform, today assured all customers it was ‘business as usual’. The platform, which has met a doubled demand from new customers since the Covid crisis began, made the announcement to reassure customers that service levels remain robust, and it has adequate capacity to welcome even more new customers - despite the Covid Crisis.
The announcement follows significant growth of the challenger brand, who’s unique ‘one application, many banks, multiple accounts’ proposition has resulted in a doubling of new applications since the crisis began.
Early on in the crisis Flagstone successfully adapted to a working from home operation, this has enabled the business to cope with higher than anticipated demand, maintaining its service levels throughout.
Meanwhile many banks have been reducing their product portfolio in the market, encouraging savers to look for better deals for their cash deposits.
Chief Marketing Officer Eylem Yangin says, “Although the initial post-lockdown spike is behind us, we still see a persistent level of elevated demand and interest in our cash deposit platform. Cash remains a core asset, despite falling interest rates. Our savers are focused on the security of their cash deposits, and they have come to Flagstone because our ‘many banks’ offering maximises the FSCS protection available to them. Since the lockdown many Flagstone customers experienced some degree of difficulty in making bank transfers to deposit it with Flagstone. The crisis has impacted particularly on the authorisation process for high value transfers, historically facilitated by visits to the branch. Yet despite these obstacles, we are still seeing sustained funds inflows.”
The overall trends across the Flagstones platform since lockdown are:
- A double in demand from new customers applying to the platform in March and April
- Deposits moving into shorter-duration products, such as 3-6 months’ notice, fixed-term products and Instant Access accounts.
- An overall decline in interest rates, which remain competitive (details below)*
- A steady stream of new banks joining the Flagstone platform. Flagstone now partners with 45 banks and offers up to 250 accounts, a number of which are exclusive to Flagstone
*Interest Rate Information
From 1.49% this time last year, to 1.37% by January this year and finally at 1.13% by the end of May. As of today, some of our best rates for Individuals have been 1.80%* for 95 day Notice and 1.20%* for 9 Months Fixed Term. For our business and SME clients, we currently offer 1% for Instant Access for those who prefer to maintain easy access to their cash reserves. These rates will be subject to revision soon, thus it is advisable to act quickly.
Gross annual rates, correct as of 10th of June. Rates are subject to constant change and updates.