Flagstone, a large savings platform in the UK, has launched an automated tool designed to help customers maximise the returns on their savings.
The new functionality, known as ‘maturity rollover’, enables funds to be transferred instantly from a maturing account into a pre-reserved one, ensuring that customers never lose a day of potential interest.
The maturity rollover tool is intended to prevent money from sitting idle in non-interest-bearing accounts. When cash is left in Flagstone’s holding account for as little as 40 days across a year, savers could see their annual interest income fall by more than 10%. The automated feature significantly reduces this risk by ensuring funds are immediately reinvested upon account maturity.
Since its official rollout earlier this year, over £2bn of savings have already been automatically reinvested using the tool, it said.
On average, 2,400 savers each month have taken advantage of the option to reserve their next account in advance.
The vast majority of customers—81%—have opted for fixed term accounts. Within this group, 3-month fixed terms have been the most popular, accounting for 44% of selections. Only 12.5% of users have chosen instant access accounts and 6.7% have opted for notice accounts.
The feature is also designed to alleviate the burden of account management for time-poor savers. By enabling automatic fund transfers, Flagstone provides flexibility for those unable to move money on specific maturity dates, whether due to travel, illness, or work commitments. This ensures that savers can continue earning interest without the need for manual intervention.
Flagstone chief product officer John Martin said, “At Flagstone, we never want a single one of our savers to miss out on the chance to earn a single day’s interest. To that end, we’re enhancing product functionality that not only improves the customer experience, but influences systemic change in how all of us who save think about the money we save and what we expect to get back.
“The UK is in the grip of an inertia epidemic when it comes to savings – something has to be done.”
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