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iFAST Global Bank Business Banking

About iFAST Global Bank

Editorial Team
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iFAST Global Bank were a fairly unheard of bank in the UK until recently. They currently only help businesses with deposits but they do have more products and services coming due to their rising popularity.

See our full iFAST business savings review of features, fees and how they compare against other digital bank accounts.

iFAST Global Bank pros & cons

Pros of iFAST

  • Multiple fixed saving terms, up to 12 months
  • Interest rates up to 4.60% AER
  • No maximum account limits on savings
  • Business deposits totalling £85,000 are covered by the FSCS

Cons of iFAST

  • Can only be managed by email or phone
  • No other savings styles, just fixed bonds
  • Not a very well-heard of bank

iFAST Global Bank business savings accounts

iFAST Bank offer three fixed business bonds, with terms ranging from three months to a year and rates up to 4.60% AER.

All three accounts require a minimum £10,000 deposit that must be paid by faster payments, within 14 days of being told your account is open.

There are no balance limits on any of the accounts but no withdrawals or additional deposits can be made during the chosen term.

Here's a summary of all of iFAST's business savings accounts:

Account nameiFAST 3-Month Corporate Fixed Term DepositiFAST 6-Month Corporate Fixed Term DepositiFAST 12-Month Corporate Fixed Term Deposit
Account typeFixed termFixed termFixed term
Interest rate (AER)4.45%4.55%4.60%
Minimum deposit£10,000£10,000£10,000
Maximum balanceNo maximumNo maximumNo maximum

Eligibility

To be eligible for an iFAST business savings account you must:

  • Have a UK business bank account
  • Be a solvent private limited company
  • Be incorporated in the UK
  • Employ no more than 250 people
  • Have an annual turnover less than £42.5 million
  • Or gross assets less than £42.5 million
  • Not be listed under their ineligible companies list

Opening an account

Here's how to open an iFAST business savings account:

  1. Email clienthelp@ifastgb.com to request an application be sent by email or post
  2. Complete their application - you'll need to specify how much you're intending to save (minimum £10,000)
  3. Send your application back by email or post
  4. iFAST will email or write to you to let you know when the account is open - you'll have 14 days from finding out to fund it
  5. Once funded you can manage your account by email or phone, with balance statements provided on request

iFAST Global Bank reviews

iFAST Global Bank has an average 2.8 stars on Trustpilot from a total of only 5 reviews.

Their Trustpilot profile is new and so might not be a true reflection of how they are. Be sure to do your own research or contact the bank directly for more.

Information correct as of 12th June 2024.

Frequently asked questions

It's not uncommon to have questions when looking in to business banking, especially for the first time. These are some of the most relevant questions for iFAST Global Bank:

iFAST Global Bank is an owned subsidiary of iFAST Corporation, a wealth management platform that spans across most of Asia and the UK.

Yes, iFAST Global Bank is a fully regulated UK bank that offers protection on eligible deposits up to £85,000, thanks to the Financial Services Compensation Scheme (FSCS).