Flagstone Expands Multi-Currency Savings Offerings for UK SMEs

Flagstone has expanded its platform to include US dollar and euro savings accounts for UK small and medium-sized enterprises (SMEs). This move targets businesses that already hold cash balances in foreign currencies. The new accounts offer terms ranging from one month to seven years, with a top rate of 3.83% AER.

The launch marks an expansion of Flagstone's offering beyond sterling savings for businesses managing cash across several currencies. According to the company, over £20 billion is overseen in assets under administration through its platform. Flagstone provides access to deposits from multiple banks through a single online service.

Flagstone cites market analysis suggesting that about one in five UK SMEs hold foreign currency balances. Among these businesses, 72% hold US dollars and 65% hold euros. The company states that the expansion follows demand from business customers seeking foreign-currency savings options with flexibility similar to sterling accounts already offered on the platform.

Katie Horne, Bank Partnerships Manager at Flagstone, commented: 'Today, our average business user manages six savings accounts on the platform at any time.' Horne added that by making USD and EUR savings portfolios available, businesses can manage their cash across currencies more easily. This is intended to free up teams to focus on scaling their businesses.