Flagstone Expands UK SME Savings Platform with USD and EUR Accounts

Streamlining Corporate Treasury

Previously, Flagstone’s services were limited to British pounds. The new multi-currency accounts are supported by banking partners including the National Bank of Egypt and IsBank. As of August 12, 2026, terms range from one month to seven years, with a maximum interest rate of 3.83% AER. Crucially, all accounts are held with UK-licensed institutions protected by the Financial Services Compensation Scheme (FSCS), ensuring foreign currency deposits receive the same protection as sterling savings.

Market Demand for Multi-Currency Solutions

Many UK companies trading internationally struggle with fragmented cash holdings across multiple banks. This administrative burden often causes funds to sit idle in low-interest current accounts. Flagstone aims to solve this by providing a single dashboard for reporting and managing deposits across various institutions. Katie Horne, Flagstone’s banking partnerships manager, noted that the company recognized the limitations of a single-currency model, especially since the average business user already manages six savings accounts simultaneously.

Internal research, based on a survey of 500 senior SME decision-makers, suggests that one in five UK SMEs holds cash in foreign currencies. This represents approximately 1.05 million businesses, with 72% holding US dollars and 65% holding euros. As interest rates remain a focus for financial directors, the ability to optimize yields on these foreign holdings has become a significant priority.

Competitive Positioning and Regulation

Flagstone distinguishes itself by offering the largest number of banks and accounts on its platform. By expanding into multi-currency support, the firm emphasizes the breadth of its aggregation services over simple balance sheet size. While Flagstone operates under FCA authorization as a payment services provider, the FSCS protection remains tied to the underlying banking partners. This distinction is vital for financial directors conducting due diligence as they integrate these new tools into their broader cash management strategies.