Flagstone, the UK’s largest savings platform, has launched a new feature designed to ensure savers never miss a day’s interest. The new tool, called “maturity rollover,” automatically moves funds and accrued interest into a pre-selected savings account the moment a fixed term product matures.
According to Flagstone, leaving money uninvested for just 40 days a year can reduce a saver’s annual interest income by more than 10 percent. Since the tool’s soft launch earlier this year, customers have used it to preserve interest-earning potential on £2 billion worth of savings. Over 80 percent of users opted to reserve fixed term accounts, with 3-month fixes proving the most popular at 44 percent.
John Martin, Chief Product Officer at Flagstone, said: “We never want a single one of our savers to miss out on the chance to earn a single day’s interest. This tool is designed to make savings management effortless, even for the busiest of customers.”
The launch comes at a time when inertia continues to cost UK savers. Flagstone’s analysis of Bank of England data shows £1.3 trillion of savings are sitting in low-yield accounts, earning less than half of the Bank’s base rate. A recent survey found that nearly half of savers don’t know what rate they are earning, and 29 percent have held the same account for over 11 years.
In addition to helping customers maximise returns, the rollover feature gives Flagstone valuable insights into future savings preferences. This data helps the platform work with its 65-plus bank partners to better match savers with competitive products, even in a declining rate environment.
Martin added: “Automating the rollover process is just one of the ways we’re helping savers get better outcomes. It reflects our commitment to customer convenience, transparency, and long-term value.”
This is great news for savers, as being able to automatically fill gaps where interest earned is lower has always been one of the things that savings platforms were not capable of doing in the past.
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