Flagstone, the UK’s largest savings platform* managing over £19 billion of UK savers’ cash, has launched the Flagstone Cash ISA – a single tax-wrapper within which a saver can open and maintain multiple tax-free accounts in one ISA wrapper.
The Flagstone Cash ISA offers a hassle-free, tax-free savings experience to savers fed up with the time and admin they have to put into keeping track of multiple Cash ISAs, and removes many of the limitations that have become standard in Cash ISA small-print.
With the flexible Flagstone Cash ISA, savers can:
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Arrange straight-through transfers of existing Cash ISA holdings held elsewhere into their Flagstone Cash ISA account
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Withdraw and add cash within the Flagstone tax wrapper within moments
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Withdraw and add cash as many times as they wish during the same tax year, without penalties and without affecting their annual tax-free allowance
John Martin, Chief Product Officer at Flagstone: ‘The Flagstone Cash ISA is all about maximum flexibility and minimum small print, setting a new standard for hassle-free, truly flexible, tax-free saving at scale. We’re eliminating the inconvenience, effort and paperwork associated with managing multiple Cash ISAs, as well as the penalties and limits associated with moving ISA funds within a single tax year. We’re replacing those hurdles with greater visibility, choice and control over how you structure and maximise your tax-free cash.”
The first five accounts in Flagstone’s Cash ISA wrapper are provided by a select group of bank partners: OakNorth, Paragon, A
Having completed their application for a Flagstone Cash ISA wrapper (a process that takes only a few minutes), a Flagstone saver chooses how to allocate their cash across the different Cash ISAs available within it. They start earning tax-free interest on that cash as soon as the allocation is complete. Any time they want to add to, withdraw from, or move their money across accounts, they can do so simply and swiftly on their Flagstone dashboard.
Martin: ‘Cash ISAs have become the nation’s favourite savings option; but somewhere along the way, they’ve lost some of their appeal for customers with large sums to save. Many of these savers know that the tax advantages of Cash ISAs are too good to miss, but the inconvenience of optimising so many accounts in so many different places stops them from ensuring their tax-free cash works as hard as it could.’
The platform’s single login and comprehensive dashboard mean that customers can review all their ISA and non-ISA savings holdings and options in one place, helping them make informed decisions to maximise interest earning potential, while minimising risk and tax liability.
Martin: ‘Our savers can now enjoy a single point of access to the widest range of ISA and non-ISA savings accounts available anywhere in the UK’s savings market. Everyone should have an agenda when it comes to making the most of their savings and the Flagstone platform is an ideal environment for savers to develop lifelong positive savings habits.’
All savings accounts on Flagstone are eligible for FSCS protection: an individual customer can transfer and save up to £600,000 in a Flagstone Cash ISA wrapper and know that this money is protected. (With over 65 banking partners offering savings accounts on the platform, Flagstone offers savers access to the highest level of guaranteed FSCS protection available anywhere in the market. Individual savers can safely save almost £8 million across ISA and non-ISA accounts offered by multiple banks all in one place.)
Flagstone’s Cash ISAs are available to new and existing customers. A minimum £10,000 deposit applies and this can be spread however a customer wishes across multiple ISA and non-ISA savings accounts on the platform. There is no limit on the number of ISAs a customer can transfer to Flagstone, nor on the total amount of ISA savings one customer can transfer.
