Flagstone adds Dollar and Euro cash accounts for 1m UK SMEs holding foreign currency
Flagstone, the UK’s largest cash deposit platform, has made dollar (USD) and euro (EUR) business savings accounts available to its fast-growing community of UK SME clients as part of its vast range of cash management products. The expansion comes in response to growing demand from UK SMEs to access foreign currency savings products that are as flexible and efficient as the 200+ sterling (GBP) accounts they can save into via the Flagstone platform currently.
Businesses typically choose or need to hold cash reserves in different currencies when transacting with suppliers, customers or employees outside of the UK as a common part of their day-to-day operations.
Many of these businesses will hold their foreign currency cash with banks different from those they use to hold GBP cash. Some of these banks will be UK-based, others may be based overseas. This creates complexity and consumes time and effort. The administrative burden often results in the deprioritisation by many businesses of active cash management, leaving their foreign currency instead to lie idle in low or zero interest current accounts.
Flagstone’s multi-currency savings options allow SMEs to manage all of their cash savings accounts in one single place, if their cash reserves are held in GBP, USD and/or EUR. This enables SMEs to stay in complete control of their cash reserves with global visibility of their cash position and FSCS protection. Additionally, Flagstone clients can start to maximise the return opportunity on their USD or EUR cash holdings by spreading or staggering funds across multiple USD or EUR accounts, just as they can already do on Flagstone with their GBP cash.
Flagstone market analysis estimates that a potential one in five SMEs (equating to approximately 1.05 million businesses nationwide) hold foreign currency balances, worth somewhere between 5 and 15% of their total cash deposits in industry such as professional services. Of SMEs that already hold foreign currencies, 72% hold a portion of cash in USD, and 65% hold cash in EUR.
Katie Horne, bank partnerships manager at Flagstone, comments: ‘SMEs that use our platform are able to optimise their deposits in GBP but we have been acutely aware that providing a single point of access, visibility and management of their GBP cash was only part of the story. As our proposition for business customers grows, so does the profile of the standard Flagstone business customer. Today, our average business user manages six savings accounts on the platform at any time.
‘By making USD and EUR savings portfolios available to any business using the Flagstone platform, we are equipping our business clients with an even easier, faster cash management solution that works across currencies, freeing up teams to get back to scaling their businesses in whichever direction they choose.’’
All USD and EUR accounts available on the Flagstone platform are provided by UK licensed, FSCS-authorised banks and building societies, meaning that USD and EUR funds deposited on Flagstone are eligible for the same level of FSCS protection as an SME’s GBP cash.
USD and EUR business savings accounts are available to Flagstone business customers from bank partners including National Bank of Egypt and IsBank. As at 12 August 2026, terms range from 1 month to 7 years with a top rate of 3.83 % AER *.