Flagstone Investment Management, operator of the Astra cash management platform, today launched an innovative cash Diversified Deposit Account combining full FSCS protection with a market leading interest rate.
The first account (with limited availability in July), is a 12 month fixed term deposit paying gross interest of 1.73%. Flagstone will manage equal allocations across three UK-based, PRA- regulated banks and so with a Diversified Deposit Account clients can make one subscription and protect up to £255,000 (£510,000 for joint account holders) under the Financial Services Compensation Scheme (FSCS). Subscriptions close on 21st July 2015 and are subject to a minimum deposit of £85,000.
Flagstone has been able to leverage the close banking relationships it developed through deployment of its Astra cash management platform and access deposit account rates that are higher than those generally available in the market, wrapped in a secure Diversified Deposit Account structure that offers the client full FSCS protection. In addition, subscribers to the Diversified Deposit Account, benefit from the significantly reduced account opening administration and centralised reporting enjoyed by all Flagstone clients. Clients can subscribe directly or through their IFA with both general funds and SIPP accounts.
The July 2015 tranche is the first in a series of Diversified Deposit Accounts that Flagstone plans to launch each month going forward.
Simon Merchant, Co-Managing Partner at Flagstone said: “The Diversified Deposit Account is an important and natural extension of the existing service that we provide to our clients through the Astra Platform. The consistent feedback we receive from private clients and IFAs is that they want good relative returns with low risk and simple administration. This new product delivers on all of these fronts”.