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iFAST Global Bank vs Monzo: Comparing Digital Banking Options in the UK
by
iFAST Global Bank
As digital banking continues to grow in the UK, many consumers are exploring modern platforms that support international payments, mobile banking, and flexible account features.
iFAST Global Bank and Monzo both provide app-based banking services, but they differ in areas such as multi-currency functionality, interest on balances, and international money management.
This guide compares the two services to help readers understand how their features and structures differ.
Important: This article is for general information only and does not constitute financial advice. Product features, interest rates, and regulatory permissions may change. Always check the provider’s official terms before opening an account.
Quick Comparison
Feature | iFAST Global Bank | Monzo |
Provider type | UK digital bank | UK digital bank |
Deposit protection | Eligible deposits protected by the FSCS (up to £120,000) | Eligible deposits protected by the FSCS (up to £120,000) |
Supported currencies | 9 currencies held within one account | Only GBP account |
Account structure | Multi-Currency Current Account | GBP current account |
Debit cards | Visa debit card^ | Mastercard debit card |
Interest on everyday balances | Yes – interest earned on balances in the Multi-Currency Current Account* | Interest available on savings pots |
Interest on savings | Up to 4.15% AER on GBP and USD fixed term deposits# | Up to 3.25% (variable) with Monzo Max |
ATM withdrawals abroad | Fee-free ATM withdrawals worldwide (local ATM operators may apply their own charges) | Free withdrawals in the UK and limited free withdrawals abroad |
Early salary (UK) | Paid one day earlier through Bacs | Paid one day early through Monzo’s “Get Paid Early” feature |
Overview
iFAST Global Bank
iFAST Global Bank is a UK authorised digital bank that provides international banking services through its interest-bearing Multi-Currency Current Account.
Customers can save, spend, and transfer funds across multiple currencies within a single account.
Key features include:
- 9 supported currencies held within one account
- Interest earned* on balances held in the account, calculated daily and paid monthly
- Earn 2.65% AER (variable)* on GBP everyday balance
- Visa debit card for eligible customers
- International transfer capabilities
This account structure may appeal to people who frequently manage funds across currencies, such as expatriates, internationally mobile professionals, or investors with global financial needs.
Monzo
Monzo is a UK-based digital bank known for its mobile banking app and budgeting tools.
Monzo focuses on everyday spending, financial organisation, and app-based banking features designed for UK residents.
Common features include:
- Mobile-first current accounts
- Spending insights and budgeting tools
- Savings pots and partner savings products
- Virtual and physical debit cards
Monzo’s app-based approach may appeal to users who prioritise day-to-day money management and budgeting.
Key Difference: Currency Support
One of the main differences between the two services is their approach to international currency management.
iFAST Global Bank
The Multi-Currency Current Account allows customers to hold up to nine currencies within a single account.
This structure enables users to manage multiple currencies without needing separate accounts or wallets. Balances held in the account earn interest*, calculated daily and paid monthly.
This may be particularly useful for customers who regularly send or receive international payments.
Monzo
Monzo primarily operates using GBP current accounts.
While users can spend abroad using their debit card and make international payments through supported services, the account itself is generally structured around a single base currency (GBP).
Savings products may be available through Monzo’s in-app savings marketplace, which partners with other banks.
Which Platform May Suit Different Users?
iFAST Global Bank may suit users who want:
- A bank-style multi-currency account
- Interest earned* on everyday balances
- Multiple currencies managed within one account
- International banking functionality
Monzo may suit users who want:
- A mobile-first digital bank for everyday spending
- Budgeting and money-management tools
- Instant spending notifications
- Integrated savings pots
Frequently Asked Questions
Is iFAST Global Bank regulated in the UK?
Yes. iFAST Global Bank operates as a UK authorised bank. Deposits up to £120,000 are protected by the Financial Services Compensation Scheme (FSCS), subject to scheme rules.
Do balances with iFAST Global Bank earn interest?
Yes. All balances held in the Multi-Currency Current Account earn interest*, which is calculated daily and paid monthly, subject to applicable rates and account terms.
Is Monzo a fully licensed UK bank?
Yes. Monzo operates as a UK bank and eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to scheme limits.
Final Thoughts
Both iFAST Global Bank and Monzo offer modern digital banking services but are designed with different priorities.
- iFAST Global Bank focuses on international banking with a multi-currency account and interest on everyday balances.
- Monzo provides a mobile-first banking experience focused on budgeting, spending insights, and everyday financial management.
The most suitable option will depend on whether you prioritise multi-currency banking capabilities or day-to-day digital banking features.
Disclaimers
This content is for informational purposes only and does not constitute financial advice. Financial products, interest rates, and regulatory permissions may change. Always review the provider’s official documentation before making financial decisions.
*18+. Interest rates are variable and subject to change. Details regarding interest rates can be found at www.ifastgb.com. Please refer to the website for full terms and conditions.
#iFAST Global Bank Fixed Term Deposits are subject to a fixed deposit term. Early withdrawal before maturity is not permitted unless under exceptional circumstances and may result in loss of all accrued interest. A 14-day cooling-off period applies from the date of application, during which you may cancel your fixed term deposit without penalty. More details can be found on www.ifastgb.com. Deposits up to £120,000 are protected by the FSCS. More details: https://www.fscs.org.uk/. T&Cs apply.
^Debit card available to UK residents only. T&Cs apply.
Schlagwörter
iFAST Global Bank ist Mitglied des Financial Services Compensation Scheme (FSCS).
iFAST Global Bank ist von der Prudential Regulation Authority autorisiert und wird von der Financial Conduct Authority und der Prudential Regulation Authority reguliert. Unsere Finanzdienstleistungs-Register-Nummer ist 716167. Wir sind in England und Wales registriert, unsere Firmennummer ist 4797759.
Bitte beachten Sie, dass die bereitgestellten Angaben der allgemeinen Information dienen und nicht als Finanzberatung oder Empfehlung zu verstehen sind. Wir raten unseren Kunden dringend, sorgfältig eigene Nachforschungen anzustellen und sich für maßgeschneiderte Finanzentscheidungen von Experten beraten zu lassen.
