The partnership will see the Quilter Cheviot use the firm's online platform for cash deposits.

Investment manager Quilter Cheviot, part of Old Mutual Wealth, has partnered with Flagstone, a London-based fintech company, to deliver an online platform for its clients’ cash deposits.

Flagstone’s platform will enable Quilter Cheviot’s investment managers to take instructions from their clients to open multiple deposit accounts through one platform, the firm said in a statement.

The platform's benefits also include higher interest income by allowing clients to choose from up to 450 term deposit accounts, as well as the ability to manage risk more effectively by diversifying deposits between up to 24 different banks. This diversification can also increase the protection that clients’ deposits are afforded collectively by the Financial Services Compensation Scheme (FSCS). 

“I would certainly recommend the service to clients who want to diversify their deposits and generate more interest income," said Quilter Cheviot investment director Cosmo Pain. "Once the account was up and running the system was extremely easy to use, with both the highlighting of new rates becoming available and the notice of fixed term deposits coming up for maturity very helpful.”

The Flagstone platform is currently available to private individuals, SME corporates and charities with a minimum holding of £250,000 ($334,745). All of the UK banks on the Flagstone platform are authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA.