What Should You Look for in a Digital Bank? 

When you're looking for a primary digital banking partner, there are many options that stand out. Some big, some small. Some mainstream, some not. But what do they all offer to you? As a customer, what should you be looking for when choosing your main digital bank?  

Multi-currency banking 

One massive benefit that you should make sure your digital banking partner has is multi-currency spending. If you're travelling abroad, regardless of if you're flying to the other side of the world or simply taking a train journey to a neighbouring country, being able to spend in that country's native currency is invaluable. A multi-currency account, such as iFAST Global Bank's Multi-Currency Current Account, allows you to manage and spend money across different currencies more conveniently, helping you avoid unnecessary conversion costs and access competitive exchange rates when banking internationally. 

Easy interest 

Another benefit you should be on the lookout for is a digital bank that offers interest. While many banks do offer you the chance to earn interest on your money, most lock that option behind time-gated earning methods, such as 1-year fixed-term deposits. Even when banks offer interest without time-gating, much of the time, that interest is locked behind an easy saver account, meaning that the best way to maximise your money is to keep a minimal current account balance while putting all your money into the easy saver. While that's not inherently an awful idea, it means that whenever you want to spend money, you need to pull your phone out, type out how much you want to spend, and then potentially wait minutes for the money to hit your account. And if your bank is currently undergoing a digital disruption, you may not be able to transfer your money at all. To ensure that your money isn't disrupted, you should make sure that your digital banking partner allows you to earn interest on your current account deposits. A banking partner like iFAST Global Bank ensures that your money is fluid, allowing you to generate interest in the same current account you spend out of. No easy savers, no rigid disruptions. Just your money, flowing as you please.  

Additionally, as we're a multi-currency bank, you can earn interest on up to 11 different currencies, including GBP, USD, and EUR, simply by holding a balance in those currencies. No need to convert all your money to one currency, when you can earn in all of them instead. 

Interest Rates are variable and may change. Eligibility and account terms apply. 

Freer fixed-terms 

Fixed-term deposits are a valuable tool to grow your wealth. While the money you put in is locked up for a set period, you earn more interest on the amount, making it a great tool to put spare cash in. Unfortunately, many traditional banking partners either don't offer fixed-term deposits at all, or offer them in a restricted format, such as only allowing GBP deposits, and for a minimum of 1 year. Banking with iFAST Global Bank means that you can make fixed-term deposits on your own timeline, with fixed deposits ranging from 1 month to 5 years available for customers, depending on the currency.  

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. More details can be found on our website at www.ifastgb.com. T&Cs apply.   

A bank built to build you 

Money is no laughing matter. Choosing a digital banking partner to entrust with your cash is important, as choosing the wrong banking partner may mean keeping your money in an account that doesn't grow it. That's why iFAST Global Bank exists. Your money should be building you up, not the other way around. With our interest-bearing multi-currency current account and our flexible fixed-rate deposits, we make sure that your money does its job while you do yours.