iFAST Global Bank review
- Incentive
- Enjoy 2% cashback on up to £2,000 of spending per month. T&Cs apply.
- Account fee
- £0 per month
- Interest (AER)
- 3.5% AER
Our verdict
Manage multiple currencies in 1 account with iFAST Global Bank.
iFAST Global Bank stands out for offering multi-currency accounts that let you earn interest on your balance. This could prove useful if you split your time between 2 countries and you're saving for a house deposit back home or if you have family overseas and you need to send regular payments to provide financial support.
However, as with any financial product, it pays to shop around and compare your options before making a decision.
If you regularly travel overseas or have family living abroad, opening a multi-currency account can enable you to manage several currencies in 1 place.
But while most multi-currency accounts are current accounts, iFAST Global Bank’s multi-currency accounts work slightly differently.
What is iFAST Global Bank?
iFAST Global Bank is a fully regulated UK digital bank that provides multi-currency accounts to help you save, spend, send and receive cash in 7 different currencies. These currencies include:
- Pound sterling (GDP)
- US dollars (USD)
- Euros (EUR)
- Singapore dollars (SGD)
- Hong Kong dollars (HKD)
- Chinese yuan (CNY)
- Japanese yen (JPY)
The bank’s main multi-currency account is an instant access account, giving you access to your cash whenever you need it. You’ll be able to manage your money online or through the app and there are no minimum or maximum deposit requirements.
How does it work?
The iFAST Global Bank multi-currency account lets you hold multiple currencies. You’ll earn a variable rate of interest on the money you save, but how much you earn depends on the currency you hold, with the highest rate being paid on pound sterling. Interest accrues daily and is credited into your account on the 1st of each month.
Once you’ve opened an account, you’ll have the opportunity to open a fixed term deposit account or a notice account with the bank. Again, you can hold different currencies in these accounts and again, the interest rate paid depends on the currency. It also offers ISAs.
With the fixed term deposit account, you can choose from terms of 1 month, 3 months, 6 months, 12 months and 24 months. You won’t be able to access your money during this time, but as the interest rate is fixed, it won’t change during the term.
The iFAST Global Bank notice account, meanwhile, requires you to give 95 days’ notice before you can withdraw any of your cash. This account pays a variable rate of interest, but be aware it can only hold 3 currencies (GDP, USD and HKD).
In terms of spending, the account comes with an advanced numberless Visa debit card. Customers can spend on that card and earn 2% cashback on up to £2,000 of spending per month.
If you lose the card you can freeze it instantly and have a new one issued. However, you can still use the same digital card. If your card details might be at risk after an online payment, you can generate new card details directly in the app, without the need to replace your physical card. This process is quick and ensures your payments stay secure.
What are the fees?
There are no fees for maintaining your savings account or for transferring money to another UK bank account if you’re transferring cash in pound sterling.
If you want to send money to another iFAST account, whether the account’s in your name or someone else’s, you won’t pay any fees even if the transfer is in a foreign currency.
In addition, if you’re looking to send money overseas, you can carry out cross-currency transfers to bank accounts or e-wallets abroad for free via SWIFT or the bank’s EzRemit service. Other foreign transfers will incur a fee.
Is it safe?
Yes, iFAST Global Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. This means that deposits held with the bank are protected up to £85,000 per person under the Financial Services Compensation Scheme (FSCS).
iFAST Global Bank’s mobile app also uses face ID or fingerprint recognition for secure log-in, as well as digital tokens for an added layer of security on top of your username and password.
How to apply
You can apply for an account with iFAST online. You must be aged 18 or over and have a valid email address and mobile number for identity verification.
You will also need to provide proof of ID (such as a passport or driving licence) and proof of address (such as a utility bill or bank statement).
Once you’ve submitted the required details and documents, it typically takes around 2 hours to process your application. It can take up to 7 business days if the bank needs more information from you.
Bottom line
This account could be useful if you have family overseas or spend your time in different countries and want to be able to access your money easily. Earning cashback on purchases and interest on your account balance are other useful features on offer.
However, it’s not the only account in the market that offers all those features, so be sure to shop around to find which suits you best.
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