Flagstone Investment Management has launched an online platform to help managers and individuals increase the income from their cash accounts by searching for the best interest rates.
Andrew Thatcher, managing partner at Flagstone, said the platform would help “shake up the £2.1trn cash deposit market”.
The platform will allow people to get the best rates from onshore and offshore banks, with a combination of instant access, notice and term deposit accounts available in multiple currencies.
Users will not have to complete new documentation every time they want to move their money between banks, allowing them to move quickly from one account to another.
Mr Thatcher said: “This is a step change in how cash is managed. Quite simply, our technology platform allows our clients to maximise the interest paid on their cash while managing risk. We believe that we offer a compelling solution in a world in which charities, corporates and high net-worth individuals want a secure, efficient technology solution to manage their cash deposits.”
Adviser view
Justin Modray, founder of online advisory site CandidMoney, said that Flagstone’s new platform was “a good idea, but its viability in practice will depend on just how extensive the range of accounts on offer is and how much Flagstone charges for its service.
“Clients may also wish to access the underlying accounts directly, in which case they would need to be issued with full sets of paperwork for each account opened, which could start to get messy. I suspect this kind of service will struggle in the current low interest rate climate.”
