Jordan International Bank via Flagstone

Gummomarx

I see that Jordan heads the Top standard one-year fixes at 1.9%.  During account creation in Flagstone, there is reference to a management fee of 0.250%.  Please tell me why it doesn't mean that 1.9% is actually 1.65%.  Unless the 0.250% had previously reduced 2.15% to arrive at 1.9%.

Daliah

Flagstone doesn't appear to be a competitive provider, due to their management fee. Neither Raisin nor HL Active Savings have such a charge, and in my experience, going directly to savings providers gets you the best rates, anyway.

Malchester

Yes. I have looked several times at Raisin, HL etc and have found that the rates on offer are usually significantly lower than going direct / through somewhere like Savings Champion or Money Facts comparison. I assume the rates are lower to enable the savings providers to pay a commission to the platform. As a HL customer I looked seriously at their offering and found the rates to be the lowest around. So I use accounts I have found myself - and I enjoy the search as well!!!

Gummomarx

I'm puzzled as to why the rate isn't marked with a proviso on the MSE list similar to '1) Can't be opened as a joint account'.

george4064

The rate is 1.99% after Flagstone IM’s share of the interest, you can also check in the Engagement Letter when you proceed with opening an account.

masonic

george4064 said:

The rate is 1.99% after Flagstone IM’s share of the interest, you can also check in the Engagement Letter when you proceed with opening an account.

Do they go into detail on the position of interest earned for tax purposes? Would interest need to be declared and taxed inclusive of the fee, but received net of fee?

Daliah

george4064 said:

The rate is 1.99% after Flagstone IM’s share of the interest, you can also check in the Engagement Letter when you proceed with opening an account.

It is 1.90%, not 1.99%, and it is a special introductory offer, only available to new customers. Once you are in, they‘ll charge their fee if you take out other accounts through them. Not something Raisin or HL AS do, and certainly not something you have to take into account if you go to the providers directly. Though worth mentioning that the rates through the platform providers are not always available directly.

Gummomarx

Just got this response to my query to Flagstone:

'Just to confirm that there is no fee for this service as you had signed up via MSM. Our marketing team are updating the engagement letters now as there was an error on our system and an old copy was uploaded- which reflects a fee that our direct HNW clients are required to pay. Apologies for any confusion.

This will be updated at some point today- but feel free to use this email as confirmation that you will not incur any fee going for this rate if you would like to sign up now- or I can let you know when the engagement letter has been updated today and you can continue your application then.'.