Flagstone, the UK cash deposit platform, has added US dollar and euro SME savings accounts to its business offering. In short: if your company earns, holds or spends in dollars or euros, you can now put that foreign currency to work earning interest through the same platform many UK firms already use for their sterling cash, rather than leaving it sitting idle in a current account, similar to the digital currency trials covered in our piece on the Bank of England’s SME trade finance digital currency tests.
That matters because a lot of small exporters, importers and digital businesses hold foreign currency they are afraid to convert. Every conversion crystallises an exchange rate and often a fee, so many owners simply park dollars or euros in a low-interest account and wait, a pattern also relevant to firms following the Bank of England’s digital currency trials for SME trade finance. A US dollar and euro SME savings option gives that balance somewhere to earn a return while it waits. Below we explain how the platform works, what to check before moving money, and which rivals a sensible finance director would compare first.
What Flagstone actually does
Flagstone is a cash management platform, not a bank, similar in concept to how Countingup and Griffin now power MoneySuperMarket business banking. Instead of opening dozens of separate accounts, you open one account with Flagstone and then spread deposits across a panel of partner banks and building societies through a single login. The appeal for businesses is twofold: you chase better interest rates without repeating a full onboarding process each time, and you can spread balances to stay within deposit protection limits.
The addition of foreign currency accounts extends that same logic to dollars and euros. Rather than describing the specific rates or bank panel, which change often and are best checked directly, the useful point for an owner is the structure, and importers should also check what the new EU customs rules mean for small importers: one relationship, several underlying products, and the ability to hold non-sterling cash without converting it back to pounds first.
You can read the detail on the Flagstone website, and the expansion was reported by IT Brief UK, which framed it alongside job creation as the company grows its business division. Firms handling cross-border payments may also want to see how the Bank of England is testing digital currencies for SME trade finance.
Who this is genuinely useful for
Not every SME needs a euro savings account, though importers should also check the new EU customs rules for 2026 alongside how they hold currency. This is aimed squarely at firms that already sit on foreign currency for real operational reasons:
- Exporters paid in dollars or euros, similar to the importers examined in our piece on Bank of England’s digital currency trade finance trials who reinvoice or pay suppliers in the same currency, and would rather not convert twice, a group also affected by the new EU customs rules importers must check for 2026.
- Importers who buy stock in euros and want a currency buffer ready for the next order. If that describes you, our guide to the new EU customs rules for 2026 is worth a read alongside this.
- Digital and SaaS businesses earning US dollar revenue from overseas customers.
- Firms holding a currency reserve to hedge against sterling moving against them.
If you convert everything to sterling the moment it lands and never hold foreign balances, a dollar or euro savings account solves a problem you do not have. Be honest about which camp you are in before you open anything.
The deposit protection question
This is the detail most owners skip and later regret. The Financial Services Compensation Scheme (FSCS) protects eligible deposits held with UK-authorised banks up to £85,000 per banking licence, and that protection can apply to deposits held in currencies other than sterling. But the exact treatment depends on which underlying bank holds the money and how it is authorised, so do not assume. Before you deposit, confirm with the platform which institution is holding each balance, whether FSCS or another scheme applies, and what the protected limit converts to for a foreign currency balance.
The practical takeaway: spreading a large balance across several banks to stay within protection limits is exactly what platforms like Flagstone are built to make easy, but you still need to check the arithmetic yourself rather than trust that it happens automatically.
Savings platform is not the same as a currency account
It is worth being clear about what a foreign currency savings account is for, because it is easy to confuse with the multi-currency current accounts many SMEs already use.
A savings platform is where cash sits to earn interest. It is not built for fast, frequent payments or for spending on a card. If you need to send euros to a supplier on Friday and receive dollars from a customer on Monday, you want a multi-currency current account with cheap conversion. Providers such as Wise Business, Revolut Business and Airwallex exist for exactly that, letting you hold and move balances in multiple currencies with transparent conversion fees. Currensea, a smaller UK challenger, links to your existing business account and undercuts high street conversion margins.
Most firms with real foreign currency exposure end up using both: a current account for the flow of money, and a savings platform for the surplus that is not needed this month. The two are complementary, not competing.
The platforms worth comparing
Flagstone is the best known name in UK cash deposit platforms, but it is not the only one, and the smaller specialists are often the ones an owner has never heard of. Here is a shortlist for firms weighing up where to hold cash, sterling or otherwise.
| Provider | What it is | Best for |
|---|---|---|
| Flagstone | Cash deposit platform aggregating many banks under one login, now with US dollar and euro business accounts | Firms wanting sterling and foreign currency savings in one place |
| Raisin UK | Savings marketplace giving access to accounts from partner banks | Businesses chasing competitive fixed-rate sterling savings |
| Akoni | Cash management platform built specifically for businesses and their advisers | SMEs and finance teams wanting a business-first tool |
| Insignis Cash | Deposit platform spreading cash across banks, often used via accountants and wealth managers | Firms working through an adviser or with larger balances |
| Bondsmith | Newer savings-as-a-service platform partnering with banks and wealth firms | Businesses whose bank or platform already embeds it |
Note that not every one of these offers dollar and euro savings today; the foreign currency angle is where Flagstone has moved, and the others are strongest on sterling. Check the current product range before you decide, and treat the table as a starting point for your own shortlist rather than a ranking.
A realistic worked example
Say you run a small consultancy that bills three US clients in dollars, adding up to roughly $120,000 a year. You do not need all of it converted to pounds immediately; some covers your own dollar costs. In an ordinary business account that dollar balance earns little or nothing. Moved into a US dollar savings account, the surplus earns interest while you decide when to convert, and you avoid converting at a bad rate simply because the money had nowhere useful to sit.
The gain is modest but real, and it stacks with tidier cash flow. It also removes the temptation to convert impulsively. For context on how the wider system is changing for cross-border firms, the Bank of England’s trials of digital currencies for SME trade finance point to where settlement may head next.
Frequently asked questions
Is my money safe on a cash deposit platform?
Your cash is held with the underlying banks, not the platform itself, and eligible deposits are typically protected by the FSCS up to £85,000 per banking licence. Foreign currency deposits can be covered too, but the detail depends on the bank and its authorisation, so confirm the arrangement for each balance before depositing.
Do I pay tax on interest from a foreign currency savings account?
Interest earned by a limited company is taxable as company income and should be reported in your accounts and Corporation Tax return; foreign currency interest and any exchange gains or losses have their own treatment. This is an area where an accountant earns their fee, so take advice rather than guessing.
Is a savings platform better than just using my bank?
It depends on your balance and how much you value chasing rates. A platform saves you opening multiple accounts and makes it easy to spread cash across banks. If you hold a small buffer and never move it, your existing bank may be simpler. Larger or more active balances are where platforms tend to pay off.
Can I spend directly from these accounts?
No. Savings platforms are for holding cash to earn interest, not for day-to-day payments. For sending and receiving foreign currency you need a multi-currency current account such as Wise Business or Revolut Business, and most firms run the two side by side.
Do I need a separate account for each currency?
On a multi-bank platform you generally hold each currency in its own account within the same login, so you are not opening a whole new relationship per currency. Check whether there are minimum balances or fees for the dollar and euro options specifically.
What to do next
- Add up your idle foreign currency. If you routinely hold dollar or euro balances doing nothing, quantify them; that number tells you whether a savings account is worth the admin.
- Separate flow from surplus. Decide what you need for payments this month (keep that in a multi-currency current account) and what is genuinely spare (a candidate for savings).
- Check protection before you deposit. Confirm which banks hold your money, the FSCS position for each currency, and whether you are within the limit per licence.
- Shortlist two or three platforms. Compare Flagstone against at least one specialist such as Akoni or Insignis Cash, and review your current banking setup, including whether tidying up any accounts you no longer use would simplify things first.
