Flagstone Launches USD and EUR Savings Accounts for 1 Million UK SMEs

Quick Summary

Flagstone has launched multi-currency savings accounts in USD and EUR, allowing over 1 million UK SMEs to earn interest on foreign currency reserves. By integrating these into its fintech cash platform, Flagstone provides businesses with global visibility and competitive rates up to 3.83% AER.

How Does Flagstone Solve Foreign Currency Management for SMEs?

Flagstone simplifies the administrative burden for the estimated 1.05 million UK businesses holding foreign currency. Previously, many SMEs left idle cash reserves in low-interest current accounts due to the complexity of managing multiple international banking relationships. This new multi-currency savings solution allows businesses to:

• Access over 200 cash management accounts from a single digital interface.
• Consolidate GBP, USD, and EUR holdings for complete global visibility.
• Automate the process of staggering funds across multiple accounts to maximize returns.

By providing a single point of access, Flagstone ensures that multi-currency savings are as flexible and efficient as traditional sterling accounts.

What Results Has Flagstone Delivered for UK Businesses?

The platform currently manages over £20 billion in assets and has identified that 1 in 5 SMEs hold foreign currency balances. Market analysis shows that 72% of these businesses hold USD, while 65% hold EUR. By partnering with institutions like National Bank of Egypt and IsBank, Flagstone offers:

• Interest rates reaching a top rate of 3.83% AER.
• Flexible terms ranging from 1 month to 7 years.
• Full FSCS protection eligibility for USD and EUR funds through UK-licensed banks.

This expansion strengthens Flagstone's position as the largest savings platform in the UK, catering to an average business user who manages six accounts simultaneously.

FF NEWS TAKE:

Flagstone’s move into multi-currency savings significantly moves the needle for the UK SME sector. For too long, small businesses have been penalized by "lazy" foreign currency balances that earn zero interest. By applying the same fintech cash platform efficiency to USD and EUR that they brought to GBP, Flagstone is effectively turning a dormant treasury headache into a yield-generating asset. This is a vital tool for any UK business with international supply chains.