SJP Cash Deposit Service
Friday, 16 February 2024
Introducing
powered by Flagstone
Read more
Enjoying your wealth
Make your cash work harder
How it works
Case study
Enjoying your
Friday, 16 February 2024
wealth
Getting the best interest rates in the market isn’t easy. To make the most of your money, you have to spend time researching the best options and opening new accounts. The Cash Deposit Service is a simple, convenient and inventive alternative to allow you to get the most from your cash. The SJP Cash Deposit Service, powered by Flagstone, is a secure digital cash platform. It gives you access to exclusive, market-leading interest rates from up to 65 banks and building societies. Put simply, it makes your cash work harder for you.
Please note that the service is provided by Flagstone and is separate and distinct to those offered by St. James’s Place.
Make your cash
Friday, 16 February 2024
work harder
Cash is a really important element of your financial security and wellbeing in the short to medium term. You might be saving for home improvements, a car, a deposit on a home or simply for unexpected expenses. Sometimes you might even need a temporary home for a much larger sum.
So where should you put that hardearned cash? We understand that a High Street bank can often be your first port of call. After all, it’s easier than opening a new account or researching other options. Plus, you trust them. But there are likely to be better rates available elsewhere.
The SJP Cash Deposit Service powered by Flagstone makes your cash work harder for you. It’s a secure online cash management platform where you can maximise your interest easily. In a nutshell: It’s secure and easy to use You can compare, open and manage multiple deposit accounts easily and efficiently. You have 24/7 access to all your accounts in one place.
It maximises your interest You’ll get access to exclusive rates and hundreds of deposit accounts through a single application. You can download statements and an annual interest rate summary.
It protects your cash At the click of a button, you can make sure more of your money is eligible for the Financial Services Compensation Scheme (FSCS) by spreading your cash across multiple banks.
What they’re saying about Flagstone:
‘Very impressed. Very customer focused and unbelievably quick. Clear concise information provided.’
Mr G
How it
Friday, 16 February 2024
works
Open an SJP Cash Deposit Service account powered by Flagstone.
1
Complete a single application with us – no need to complete paperwork for each bank.
2
Transfer your deposit amount to your holding account.
3
Choose where to place your cash deposits from the best savings accounts from up to 65 selected banks – online.
4
Control your deposits – quickly and easily. Move, place or spread your deposits whenever you wish – 24 hours a day, 7 days a week.
5
Enjoy complete protection for your money up to FSCS limits where eligible.
6
Friday, 16 February 2024
A case
study
Mr & Mrs R’s savings if deposited with their bank, would have earned 2.50%, generating £12,750 per annum interest. After receiving Mr & Mrs R’s application, their SJP Cash Deposit Service account was opened within 48 hours. Using the intuitive filters and portfolio builder tool, they spread their money across six accounts, with different banks, in just a few clicks.
Mr & Mrs R’s funds now earn 1.5x more interest income and they have peace of mind that every penny is protected by the FSCS (Financial Services Compensation Scheme).
Here’s how a Flagstone deposit can add up to 1.5x more income and £270,000 of additional FSCS protection:
Account type
Interest rate
FSCS protection
Annual interest2
6-month personal savings account
2.50%
£240,000 (47.06%)
£12,750
Accounts across 6 different banks1
3.87% (blended rate)
£510,000 (100%)
£19,737
Mr & Mrs R’s High Street bank
Flagstone
Deposit of £510,000 in November 2025
1 The average Fixed Term for these accounts is 6 months.
2 All rates shown are AER.
Be informed The FSCS covers the equivalent of £120,000 per depositor (i.e. up to £240,000 per couple holding a joint account) per authorised bank. For more information, visit fscs.org.uk.
Flagstone will receive a share of the interest earned, up to a maximum of 0.25%. No other fees or charges apply.
For individual and joint accounts – any amount of interest earned over and above your annual PSA (Personal Savings Allowance) will be taxable and must be declared. The rate of tax you may pay depends on your salary and any other forms of income you receive. If you complete a self-assessment tax return, make sure you include all forms of income, including any savings interest you’ve earned. If you don’t usually complete a selfassessment, HMRC may change your tax code to collect any tax due through the year, based on information provided to them by banks and other financial providers.
For other account types – you should seek guidance from an accountant if you’re unclear regarding any tax implications.
NB Flagstone cannot provide any advice or guidance regarding tax on interest earned.
Individual and joint accounts are subject to a minimum deposit of £25,000. UK-based business, trust, SIPP and SSAS clients as subject to a minimum of £100,000, for Charity and POA clients a minimum of £250,000 applies.
Rates quoted are correct as of November 2025