Redwood Bank, which focuses on small and medium-sized businesses in the UK, has become the latest challenger bank to join Flagstone’s cash deposit platform.
Flagstone’s SME clients will now be able access to Redwood Bank’s competitive rates with a 1.40% one-year fixed-term deposit account now live on the platform.
Redwood Bank becomes the 31st bank to join Flagstone, which is the largest cash deposit platform in the UK having transmitted more than £3.5bn of client deposits. As well as providing access to market-leading and exclusive rates, the platform allows individual and joint account savers, SME corporates and charities to manage their risk and maximise their FSCS protection.
The deal with Redwood Bank follows news earlier this month that a consortium of investors, including Moneysupermarket Group, had invested £11m to help fund Flagstone’s rapid growth.
Gary Wilkinson, CEO & Founder of Redwood Bank, says:
“The Flagstone cash deposit platform is a powerful tool for SMEs, Charities and Individual Savers, and we believe that the combination of their market-leading technology and Redwood Bank’s great interest rates will prove extremely popular. We look forward to working closely with Flagstone to make our rates available to clients easily and efficiently through the platform.”
Andrew Thatcher, Co-Founder and Co-Managing Partner at Flagstone, says:
"We’re delighted that Redwood Bank has joined the Flagstone platform and that its accounts will be available to our SME clients to provide them with ever greater choice and flexibility.
“Many UK businesses are sitting on excess cash but aren’t maximising their interest income or diversifying their risk. Flagstone puts SMEs in control, providing them with access to market-leading and exclusive rates to generate more income and a growing panel of UK banks to diversify risk. By using the platform, they can ensure that that their cash is working as hard as possible for them, now and in the months and years ahead.”