Idea
How Expats in the UK Can Maximise Savings Across Currencies
by
iFAST Global Bank
Moving to the UK is exciting, but it often means your financial life is split across more than one country. You might be earning in pounds, sending money home in euros or dollars, and still holding savings in your home currency. Managing all of that through separate accounts across different banks is time-consuming, and it quietly costs you money.
The good news: there are straightforward ways to make your savings work harder across multiple currencies, without the complexity of offshore banking. Here is what you need to know.
Should You Keep Everything in One Currency
Most UK savings accounts are GBP-only. That is fine if all your income, spending, and future plans are in pounds — but for expats, that is rarely the case. Holding all your savings in one currency means a single exchange rate move can quietly reduce the real value of your money. As Hoxton Wealth notes for non-resident savers, a positive return on savings can be entirely wiped out by an unfavourable shift in the exchange rate.
Spreading savings across the currencies you actually use — whether that is GBP, USD, EUR, CNY, HKD, AED, JPY, CHF, SGD — gives you a natural buffer against this. You are not speculating on exchange rates; you are simply matching your savings to your real-world costs.
What Are Your Options?
Here is how the most common savings options in the UK compare for expats:
Account Type | Rate (AER) | Currency | Access |
High-street current account | 0% | GBP only | Instant |
Easy access savings (big banks) | 2–3% | GBP only | Instant |
iFAST GB current account | 2.65%*^ AER | Multi-currency (GBP, USD, EUR, SGD, HKD, AED, JPY, CHF, CNY) | Instant |
Sources: Moneyfacts – Best Fixed Rate Bonds, April 2026 | MoneySuperMarket – High Interest Current Accounts | iFAST Global Bank – Interest Rates. All rates indicative and subject to change. Verify directly with each provider.
Earn Interest on Your Everyday Balance
Most people do not realise that standard UK current accounts at the big banks pay 0% on everyday balances. According to the FCA's own Cash Savings Market Review, 17% of savers were keeping money in a current account expecting to earn interest, and earning nothing.
iFAST Global Bank pays 2.65% AER*^ on your everyday GBP current account balance, no conditions, no balance cap, no introductory period. Your money earns from day one, on the full amount.
Lock In a Higher Rate with a Fixed-Term Deposit
If you have a lump sum you do not need to touch for a while, a fixed-term deposit lets you lock in a guaranteed rate for the duration. The Bank of England has cut rates five times since August 2024, bringing the base rate to 3.75% , and further cuts are possible. Locking in a strong rate now protects your return for the length of the term, whatever happens to rates in the meantime.
iFAST Global Bank offers fixed-term deposits at rates of up to 4.30% AER* on GBP, across multiple currencies. So whether you want to lock away pounds, dollars, or euros, you can do it all from one account , no offshore account required, no separate application for each currency.*
Who Is This Right For?
Multi-currency savings through iFAST Global Bank are particularly useful if you:
- Earn in one currency and spend in another, or send money home regularly
- Are planning a big future cost in a foreign currency — property abroad, school fees, or retirement in another country
- Want to avoid constant conversion fees when moving money between currencies
- Are new to the UK and want a straightforward account that works across borders from day one
The Bottom Line
You do not need a complex offshore banking setup to manage savings in multiple currencies. iFAST Global Bank gives you a current account earning 2.65% AER*^ on GBP, fixed-term deposits at up to 4.30% AER* on GBP, and multi-currency accounts with fee-free transfers — all in one place.
See the full range of currencies and current rates at www.ifastgb.com/interest-rates, or visit www.ifastgb.com to open your account today.
* iFAST Global Bank Fixed Term Deposits have a fixed term. Early withdrawal is generally not permitted and may result in loss of accrued interest. A 14-day cooling-off period applies. T&Cs apply. https://www.ifastgb.com/en/deposit/fixed-term-deposit
*^18+. Interest rates are variable and subject to change. Details regarding interest rates can be found at https://www.ifastgb.com/en/fees. Please refer to the website for full terms and conditions.
*^^ For UK residents only. T&Cs Apply. https://www.ifastgb.com/en/deposit/cash-isa
iFAST Global Bank is a member of the Financial Services Compensation Scheme (FSCS).
iFAST Global Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Financial Services Register number is 716167. We are registered in England and Wales, our company number is 4797759.
Please note that the provided details serve as general information and should not be considered as financial advice or endorsements. We strongly advise customers to diligently carry out their own research and consider seeking expert guidance for tailored financial choices.
