Flagstone investment platform - alert

Lily0837
Lily0837 Forumite Posts: 21
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I have just phoned Flagstone after applying to use their platform - waiting 2 days and then being turned down. When I asked for the reason for not being accepted I was told to email them and ask - but the guy did tell me there are currently 'uncertainties'??? to do with the applications - and that the set-up through moneysavingexpert.com is only about 6 weeks old. Quite what those uncertainties are I have yet to find out! Apparently you are only normally allowed to invest upwards of £50k with them, but they have different criteria for anyone investing through this site. Just alerting anyone who might be thinking of signing up to use the platform. I am not willing to let anyone handle my money if there are problems with their application process, or any other process! 
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  • Daliah
    Daliah Forumite Posts: 3,792
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    Even though they call themselves something ’investment’, they don’t actually offer investments, but savings.

    They are a savings platform, like Raisin and HL Active Savings, though each of them has their own set of T&Cs and processes. I have used Raisin and HL AS myself but was never tempted by Flagstone so cannot comment on their T&Cs and processes, and I can’t recall anyone reporting previously about their experience with them.

    I have no idea why they would turn away a saver, unless the saver has some untoward data about themselves on CIFAS or National Hunter. Presumably you are after the £30 sign-up bonus? You might find a similar, easier, deal through Raisin but best do a bit of research into them as recent feedback on this forum hasn’t been very favourable.
  • dunstonh
    dunstonh Forumite Posts: 114,289
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    Flagstone investment platform
    I haven't heard of them so I gave them a quick look and it appears they are not actually an investment platform.   It appears to be deposit only.

    and that the set-up through moneysavingexpert.com is only about 6 weeks old.
    If MSE has mentioned them then it is not uncommon for companies to suffer such large inflows that they have capacity problems and service goes down the pan for a period whilst they catch up.

     I am not willing to let anyone handle my money if there are problems with their application process, or any other process! 
    That would pretty much eliminate all providers if you take into account various points in recent history.

    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Lily0837
    Lily0837 Forumite Posts: 21
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    Daliah said:
    Even though they call themselves something ’investment’, they don’t actually offer investments, but savings.

    They are a savings platform, like Raisin and HL Active Savings, though each of them has their own set of T&Cs and processes. I have used Raisin and HL AS myself but was never tempted by Flagstone so cannot comment on their T&Cs and processes, and I can’t recall anyone reporting previously about their experience with them.

    I have no idea why they would turn away a saver, unless the saver has some untoward data about themselves on CIFAS or National Hunter. Presumably you are after the £30 sign-up bonus? You might find a similar, easier, deal through Raisin but best do a bit of research into them as recent feedback on this forum hasn’t been very favourable.
    I don't actually think it can be anything to do with me personally as there is zero reason for my application to be rejected. There certainly is no untoward data about me and if I thought it was to do with my personal application, then I would not have posted here to warn others. I got the distinct impression it's to do with the signing up through this site, but was unable to get a full explanation over the phone. I am looking into Raisin but will research further now you have mentioned the unfavourable feedback. Thanks for the heads up on that!
  • Albermarle
    Albermarle Forumite Posts: 18,766
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    Flagstone charge 0.25% on all your savings, whilst Raisin and HL do not charge anything, so you have probably saved yourself some money. As mentioned comments about Raisin on this forum have not been very positive ( money disappearing for days one end for example) If I was to use one of these 'saving account supermarket' platforms, I would probably go for HL Active savings. Although I think they have less choice, as a company ( normally dealing with investments & pensions etc )they have a good reputation for customer service and modern software.
  • Lily0837
    Lily0837 Forumite Posts: 21
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    Flagstone charge 0.25% on all your savings, whilst Raisin and HL do not charge anything, so you have probably saved yourself some money. As mentioned comments about Raisin on this forum have not been very positive ( money disappearing for days one end for example) If I was to use one of these 'saving account supermarket' platforms, I would probably go for HL Active savings. Although I think they have less choice, as a company ( normally dealing with investments & pensions etc )they have a good reputation for customer service and modern software.
    From what I understand the charge does not affect the rate they quote - you get the full quoted rate. Thanks for the info on HL - I'll take a look.
  • Daliah
    Daliah Forumite Posts: 3,792
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    Flagstone charge 0.25% on all your savings
    That rings a bell. I don't have the energy to sift through their site though, and IIRC, you have to actually have an account with them before you can see all the T&Cs.
  • Daliah
    Daliah Forumite Posts: 3,792
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  • Albermarle
    Albermarle Forumite Posts: 18,766
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    Daliah said:
    Flagstone charge 0.25% on all your savings
    That rings a bell. I don't have the energy to sift through their site though, and IIRC, you have to actually have an account with them before you can see all the T&Cs.
    It is less than clear from their website. You have to search for charges.

    From what I understand the charge does not affect the rate they quote - you get the full quoted rate

    Yes you do and then they extract 0.25% .

  • Daliah
    Daliah Forumite Posts: 3,792
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    Oh right, now I remember again.  Their minimum deposit is £50,000, and they have those juicy fees..... Although it seems there is presently some sort of a deal involving MSE and Shawbrook, where you only need to deposit a minimum of £10,000.  According to MSE, Flagstone has two platforms, one with management fees and one without. I couldn't see anything about the platform with no fee on the Flagstone site but they do have an (MSE?) introductory offer which has no fees. I don't like the sound of this as it's not transparent at all, and it seems to be designed to get people hooked so they can become fee payers later on. I will continue to give Flagstone a very wide berth.


    Excerpt from the special offer:

     



    Flagstone's normal fee schedule:


  • wiseonesomeofthetime
    wiseonesomeofthetime Forumite Posts: 1,980
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    If you recall, when Shawbrook Bank were offering a six month fix at 2.0% with minimum deposit of £1,000, Flagstone were offering the same account, at the same rate, but with a minimum deposit demand of £10,000.

    Why would you choose Flagstone over direct for that one?

    I too will be giving them a wide berth.
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