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Interactive Investor cash savings through Flagstone

EthicsGradient
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Interactive Investor cash savings through Flagstone

#272627

Postby EthicsGradient » December 20th, 2019, 6:01 pm

As an II customer, I was sent a link to their new 'Cash Savings' offering: https://www.ii.co.uk/ii-accounts/cash-savings

This is for savings between £10,000 and £250,000, and is done through Flagstone, which already runs a similar 'hub' platform for individuals with over £250,000 to save: https://www.flagstoneim.com/

Flagstone gives the highest rate available for various accounts, but the small print points out that it can depend on the amount you invest, and don't say what you need to save to get any particular rate; II says "up to" 2.25%, without saying how much, or how long (that figure is listed for a 3 year term on the Flagstone site) you have to invest to get that. It seems you have to sign up to find out, which is annoying. But they look like good rates, if they're available for reasonable amounts (under the FSCS compensation limit, for a start).

Has anyone used it/signed up, stand-alone or through II? Or can anyone find out what amounts are needed to get the Flagstone-advertised rates, through II?

Jalfrezi01
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Re: Interactive Investor cash savings through Flagstone

#274700

Postby Jalfrezi01 » January 2nd, 2020, 9:25 pm

I've just signed up for it through ii but I haven't funded the hub account yet, I need to check their fees. On normal Flagstone they charge £500 one-off admin charge to create an account on their platform and ii don't mention that - I'm hoping that ii has waived that and until I know then I won't be funding the hub account just yet.
From the Portfolio Builder the accounts looks like they are all set for minimum £10k investments, the highest 3 year is 2.1% but also looks like a Sharia account so return isn't guaranteed. Best fixed 3 year is 1.9%. I'm unsure if these rates are net of their 0.25% flat fee or not.
I can get similar on 3 yr personal bonds from Savings Champion Best Buys between 2.0-1.9% (net - no fees) and for a lot less minimum outlay £1-£5k

Anyone else have views?

Jalfrezi01
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Re: Interactive Investor cash savings through Flagstone

#275539

Postby Jalfrezi01 » January 6th, 2020, 2:54 pm

Just contacted Flagstone, here is the deal on the Interactive Investor Cash Accounts:
1. There is no admin fee of £500 as this is only for direct clients with larger sums
2. The interest rates shown are NET returns and takes into account Flagstone's 0.25% fee
3. The only products that Interactive Investors can invest in are the Term products. Direct Clients also have access to Instant and Notice products which are not shown to Interactive Investor Cash Accounts
4. However the Term products are exactly the same as those available to Direct Clients
5. There are Sharia banks but the ones shown are FSCS protected as they are based in the UK

So for Term investors then the Interactive Investor Cash Account might be worth considering.

I filtered on 5-year Term products and they have one product showing 2.5% net which is better than anything on Savings Champion. When I checked the bank website then the rate is available direct but not for general public, so Flagstone must have a deal with them.
Worth opening an account I think, then using it to check for best products as there is no cost to have the account in place ready.

Hope this helps

EthicsGradient
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Re: Interactive Investor cash savings through Flagstone

#275602

Postby EthicsGradient » January 6th, 2020, 8:33 pm

Thanks for that - I got a snapshot from them of their rates last month, but it only went up to a 2 year term. And knowing that it's only term products through II is useful for me too - I have an instant account with a bonus rate that runs out in a couple of months time, so that's what I'm most interested now (eventually I'll want a term account too, but not for now). Maybe I'll revisit them then.


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