Flagstone - a waste of time

isalachi

Just attempted to set up a 6 month fixed saver with Shawbrook Bank via Flagstone - as per latest MSE recommendations.  Flagstone application process is ridiculous, far too much hassle to make it worthwhile.  I realise they have to check on money laundering etc. but......Source of funds? If it's inheritance, they want minute details. If it's a maturing investment, likewise. Also, I'm retired (5+ years, as my N.I. record surely evidences), yet they want full details of my last employment, and their industry categories/job titles are nothing like relevant.  As a savings platform, Raisin, by contrast, was a doddle when I signed up.

Frequentlyhere

I personally think there's little value to these aggregators beyond any sign up incentives. Adding a middleman to transactions is rarely helpful. I personally wasn't a fan of Raisin either, as it seemed to take several days either side of the supposed start/maturity dates to earn interest/be repaid. I also suspect that in extremis, the middleman aspect might cause some delays/issues if one of the chain goes bust.

Albermarle

isalachi said:

Just attempted to set up a 6 month fixed saver with Shawbrook Bank via Flagstone - as per latest MSE recommendations.  Flagstone application process is ridiculous, far too much hassle to make it worthwhile.  I realise they have to check on money laundering etc. but......Source of funds? If it's inheritance, they want minute details. If it's a maturing investment, likewise. Also, I'm retired (5+ years, as my N.I. record surely evidences), yet they want full details of my last employment, and their industry categories/job titles are nothing like relevant.  As a savings platform, Raisin, by contrast, was a doddle when I signed up.

Not supporting Flagstone, but there are quite a few complaints about Raisin on this forum. 

Daliah

isalachi said:

....as per latest MSE recommendations.  

Longstanding MSE forumites will know this, but for the benefit of newbies: MSE doesn't recommend any savings account. They just list the ones with the highest AERs.

Personally, I wouldn't touch Flagstone with a barge pole as I find their T&Cs and fee structure way too opaque for my liking. Besides, they rarely if ever figure with market-leading rates. Raisin are simpler to understand but also lack market-leading rates, and there have been a fair few posts from dissatisfied Raisin users.

Millyonare

Find Raisin to be painfully slow. Can take days to get money in or out.

granta

Appreciate the feedback/warnings about Flagstone.
But could someone confirm whether they accept deposits by debit card? Can't find anything on their website.

ex2t633w

Funds in Flagstone reached maturity today.
When I tried to withdraw them , "strangely" my password didn't work ! , so LOCKED OUT!
Rigmarole of unlocking,tried again , this time  balance said  £0 !!!
Panic !-- !!
Is this a ploy to keep my money as long as they possibly can?
No indication of WHEN my funds will be available, but maturity date is TODAY, not when they decide to release funds !
Not impressed 😮‍💨