iFAST Global savings platform review

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If you regularly travel to different countries or have family living abroad, opening a multi-currency savings account could be a great way to manage your money. iFAST Global is one provider that lets you do just that, so here’s how it works.

Compare savings accounts from iFAST Global

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Account type	Withdrawals	Open with	Deposit protection	Rate	Open via	Incentive	Table product description
Promoted iFast Global Bank 12 Month Corporate Fixed Term Deposit	Fixed rate business savings	Withdrawals not permitted	From £10,000	This product may not be protected under the FSCS	4.20% AER fixed for 1 year	Open via: website, post.	Go to siteMore info Compare product selection Compare	loading
iFast Global Bank 60 Month Fixed Term Deposit	Fixed rate savings	Withdrawals not permitted	From £1		4.30% AER fixed for 5 years	Open via: website. Available to iFast Global Bank member customers.	Go to siteMore info Compare product selection Compare	loading
iFast Global Bank 12 Month Fixed Term Deposit	Fixed rate savings	Withdrawals not permitted	From £1		4.20% AER fixed for 1 year	Open via: website. Available to iFast Global Bank member customers.	Go to siteMore info Compare product selection Compare	loading
iFast Global Bank 6 Month Corporate Fixed Term Deposit	Fixed rate business savings	Withdrawals not permitted	From £10,000	This product may not be protected under the FSCS	4% AER fixed for 183 days	Open via: website, post.	Go to siteMore info Compare product selection Compare	loading
iFast Global Bank 48 Month Fixed Term Deposit	Fixed rate savings	Withdrawals not permitted	From £1		4.30% AER fixed for 4 years	Open via: website. Available to iFast Global Bank member customers.	Go to siteMore info Compare product selection Compare	loading

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How we picked these

What is iFAST Global and how does it work?

iFAST Global is a fully regulated UK digital bank that offers a multi-currency current account in 9 different currencies, as well as a range of savings accounts that can also be held in multiple currencies.

To access these savings accounts you’ll need to first open a current account with the bank. Once you’ve done that you’ll be able to apply for a savings account online or through the app. Different interest rates apply depending on both the account type and the currency held in it.

What type of accounts does iFAST Global offer?

iFAST Global offers the following types of savings accounts:

• Fixed deposit accounts. Choose from terms of between 1 and 60 months. You won’t be able to access or add to your funds during this time, but in return you’ll receive a fixed rate of interest. These accounts can be opened in 8 different currencies.
• Flexible cash ISA. Pay your annual cash ISA allowance into this account. The account is available in 9 different currencies and allows instant access. As it’s a flexible ISA, you can withdraw funds and redeposit them in the same tax year without affecting your annual allowance. The interest paid is variable.
• Notice account. This account can be opened in 3 currencies (GBP, USD and HKD) and you’ll need to provide 95 days’ notice if you want to access your money. The interest paid is variable.

Meteor also offers stocks and shares ISAs, structured products and structured deposit investments.

Is iFAST Global safe?

Yes, iFAST Global is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. This means deposits held with the bank are protected up to £120,000 per person under the Financial Services Compensation Scheme (FSCS).

When you log in to the iFAST Global mobile app, you’ll need to use Face ID or fingerprint recognition for security, and digital tokens are used for an added layer of security on top of your username and password.

Pros and cons of iFast Global

Our verdict: Is a savings account with iFAST Global worth it?

If you regularly deal in different currencies, whether that’s because you travel a lot or have family overseas, holding accounts in multiple currencies could prove highly useful – especially when you earn interest on those funds too. And with a range of different savings accounts to choose from, you can decide whether you want to be able to easily access that money or are happy to lock it away for a while.

However, as always, it pays to shop around and see what else is available first to ensure you’re getting the very best deal.

Frequently asked questions

• Can I open a joint account?

  No, at the moment you can only open sole accounts with iFAST Global.

• How do I open and manage an account?

  To open a savings account with iFAST Global, you’ll need to be at least 18 years old and have a multi-currency current account with the bank. You can then apply through your customer banking portal online or through the app. Your account can be managed in the same way.

• How do I contact customer service?

  The best way to contact the customer service team is through the online call feature or send a message through the in-app and website Live Chat. You can also email clienthelp@ifastgb.com.

Written by

Rachel Wait

Writer

Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio