iFAST Global savings platform review

Looking for a multi-currency savings account? Find out what iFAST Global Bank has to offer.

No reviews yet. Write a review
Rachel Wait's headshot

By

Rachel Wait

Updated

Fact checked
iFast Global Bank
alt

Leave a review

★ ★ ★ ★ ★

Your review

Thanks for your review.
Close

Read Terms and Conditions here

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

5 of 20 results
Updated daily
Account type Withdrawals Open with Deposit protection Rate Open via Incentive Table product description
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 site View details
Compare product selection
iFast Global Bank logo
iFast Global Bank 60 Month Fixed Term Deposit
Fixed rate savings
Withdrawals not permitted
From £1
FSCS protected badge
4.50% AER fixed for 5 years
Open via: website. Available to iFast Global Bank member customers.
Go to site View details
Compare product selection
iFast Global Bank logo
iFast Global Bank 12 Month Fixed Term Deposit
Fixed rate savings
Withdrawals not permitted
From £1
FSCS protected badge
4.20% AER fixed for 1 year
Open via: website. Available to iFast Global Bank member customers.
Go to site View details
Compare product selection
iFast Global Bank logo
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 site View details
Compare product selection
iFast Global Bank logo
iFast Global Bank 48 Month Fixed Term Deposit
Fixed rate savings
Withdrawals not permitted
From £1
FSCS protected badge
4.45% AER fixed for 4 years
Open via: website. Available to iFast Global Bank member customers.
Go to site View details
Compare product selection
loading
Showing 5 of 20 results

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.

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

Pros

  • Choice of savings accounts
  • Accounts can be held in multiple currencies
  • FSCS protected
  • No monthly fees

Cons

  • Some accounts have withdrawal restrictions
  • You’ll need to open a multi-currency current account first
  • Signing up can be a lengthy process

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

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
Rachel Wait's headshot
Written by

Writer
Add to Preferred Sources

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

More resources on Finder

More guides on Finder

Go to site