The UK's largest Wealth Management company, St. James's Place, has successfully expanded its innovative online cash deposit platform to clients with a minimum of £50k, providing greater and simpler access to market-leading savings accounts.
Following a successful launch of the platform provided by London-based FinTech company Flagstone in 2017, St. James’s Place has now rolled out this expanded offering to all its 4,096 Qualified Advisers to make it available to their investment clients. The cash platform was previously available to private individual, SME corporate and charity clients with a minimum of £250,000 to deposit but will now also service private individual UK-resident and domiciled clients with a minimum of £50,000 in savings.
The Flagstone platform provides safe, simple and smart online access to over 550 market-leading deposit accounts from more than 30 UK banks and building societies, including both high street and challenger brands. It enables personal clients to open multiple deposit accounts with different banks and move their money seamlessly between these accounts, without any additional application forms or paperwork.
St. James’s Place clients with a deposit of between £50k and £250k can access fixed term accounts, while those with at least £250k can access instant access, notice and term deposit accounts.
The benefits of using the online platform are the potential for higher interest income and the ability to identify and manage risk by diversifying deposits between different banks. This diversification also increases the protection that client deposits are afforded collectively by the Financial Services Compensation Scheme.
Iain Rayner, Joint Chief Operating Officer at St. James’s Place, said: “Being able to manage cash holdings efficiently is fundamental to the needs of our clients. That’s why we committed to developing a range of banking services that help our Partners deliver truly holistic wealth management.
“Through Flagstone’s market leading cash platform, St. James’s Place clients are able to access a huge range of accounts from an extensive panel of banks and building societies, enabling them to manage their cash deposits at the click of a button.”
Simon Merchant, Co-Founder and Co-Managing Partner of Flagstone, commented: “We have enjoyed working with St. James’s Place Partners to maximise their clients’ interest income since 2017 and we are now looking forward to expanding the benefits that our cash deposit platform can provide to even more St. James’s Place clients in the UK.”