British wealth manager Kingswood has joined forces with Flagstone to offer a cash proposition to its customers.
Headquartered in the UK, Flagstone serves as a cash deposit platform developer.
Under the partnership, Kingswood’s 4,500 clients can leverage a single app in order to gain access to over 550 cash deposit account options from 32 banks.
Flagstone co-founder Simon Merchant said: : “We are looking forward to partnering with Kingswood and helping their clients to make the most of their cash by providing them with access to market-leading rates and the opportunity to diversify their deposits across the platform’s extensive panel of banks.”
Through the alliance, Kingswood aims to address the issue of savings apathy in the UK.
In this context, the wealth manager cited a report from the Centre for Economics and Business Research that found nearly £170bn in zero interest accounts.
According to the report, this figure was £33bn in 2008.
Referring to Flagstone, Kingswood group CFO Patrick Goulding said: “Their innovative cash platform enables clients to access market leading rates and open multiple accounts at the click of a button.
“We are excited to provide our clients and advisers with an online tool that helps them to manage the cash element of their portfolios efficiently and successfully.”
Kingswood was recently in the news for taking a stake in US-based Manhattan Harbor Capital.
The deal marked Kingswood’s first US partnership.