Savings Platforms - Worth It?

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I have used them for sign up bonuses in the past, but my competitive pursuit of the best interest rate means that for the past few years I have ignored them. However, for the purposes of making financial matters easier to deal with for executors following one`s demise it is a distinct advantage.

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I've got 7 fixed term accounts with Raisin, all different banks and a few more accounts opened with Hargreaves Lansdown. Using platforms makes the applications so much easier. The interest is slightly less than I could get by opening them direct with each bank but the convenience makes it worthwhile. Bonuses ? Yes, picked up one for recommending someone else and just got £125 'summer bonus'. I'd recommend them.

BreakingGlass

Malchester said:

Also remember that, when you get a lower interest rate on a platform that difference is going to the platform instead of into your pockets

My sister uses the Flagstone savings platform, and receives slightly higher interest rates than those generally available because her Adviser chose to waive his commission.  This is probably worth investigating if you have a Financial Adviser.

friolento

BreakingGlass said:

Malchester said:

Also remember that, when you get a lower interest rate on a platform that difference is going to the platform instead of into your pockets

My sister uses the Flagstone savings platform, and receives slightly higher interest rates than those generally available because her Adviser chose to waive his commission.  This is probably worth investigating if you have a Financial Adviser.

slightly higher than generally available market leading rates, or slightly higher than the rates normally available through Flagstone?

Malchester

BreakingGlass said:

Do you actually mean that that as a result of your FAMalchester said:

Also remember that, when you get a lower interest rate on a platform that difference is going to the platform instead of into your pockets

My sister uses the Flagstone savings platform, and receives slightly higher interest rates than those generally available because her Adviser chose to waive his commission.  This is probably worth investigating if you have a Financial Adviser.

Do you actually mean that because your FA waives commission Flagstone offer you a higher rate? Or do you really mean that because your FA waives commission there are more funds deposited with Flagstone thus getting more interest but at the same rate? Whichever it is highly likely you could get better rates outside Flagstone. I have looked at them all but never found better rates than I could get going direct. I would never pay a FA to advise on savinfs accounts!!!

BreakingGlass

friolento said:

BreakingGlass said:

Malchester said:

Also remember that, when you get a lower interest rate on a platform that difference is going to the platform instead of into your pockets

My sister uses the Flagstone savings platform, and receives slightly higher interest rates than those generally available because her Adviser chose to waive his commission.  This is probably worth investigating if you have a Financial Adviser.

slightly higher than generally available market leading rates, or slightly higher than the rates normally available through Flagstone?

Slightly higher than the rates normally available through Flagstone.  Sorry for confusion.

BreakingGlass

Malchester said:

Do you actually mean that because your FA waives commission Flagstone offer you a higher rate? Or do you really mean that because your FA waives commission there are more funds deposited with Flagstone thus getting more interest but at the same rate? 

I mean that because her FA waives commission, Flagstone offer her a higher rate.

Malchester said:
Whichever it is highly likely you could get better rates outside Flagstone. I have looked at them all but never found better rates than I could get going direct. 

I know, hence I don't use Flagstone!  My sister, however, is usually too busy to chase the best rates, hence it's a useful product for her.

Malchester said:
I would never pay a FA to advise on savinfs accounts!!!

She doesn't.  He's a family friend, and also looks after her pensions.

My reason for posting was to expose the fact that even with Flagstone there is some flexibility in the rates that are offered, and if you want to use Flagstone it could be worth finding an FA who is prepared to help.  She specifically had to wait for a special email link from her FA before opening the Flagstone account.