iFAST Global Bank - anyone with experience of this UK regulated bank?

SparkandShine

Yes, I can confirm their multi currency debit card has launched, i hv been using it and enjoying the 2% cashback, I have looked up the t&cs it covers both domestic and overseas spending.The current account also offers 3.5% AER. Overall I found this a much better deal than Chase I used to save mostly with, especially as Chase is cutting back on its cashback now You can find more details on their website, so far it works for me

HHUK

flaneurs_lobster said:

Good promotion if you're spending £2k/mth on cards.

Yep double what Chase are giving on the weekly grocery shop. Plus I can't see that payments to the NSI Direct Saver (which work for NatWest Group roundups) are specifically excluded.

Am minded to go for it, although the details required when applying are pretty intrusive.

flaneurs_lobster

HHUK said:

flaneurs_lobster said:

Good promotion if you're spending £2k/mth on cards.

Yep double what Chase are giving on the weekly grocery shop. Plus I can't see that payments to the NSI Direct Saver (which work for NatWest Group roundups) are specifically excluded.

Am minded to go for it, although the details required when applying are pretty intrusive.

Hard credit check? Not too bothered but I've managed to acquire 2 already this month. 

Theleak250

So this is effectively a Singaporean bank with a UK arm.

Mishomeister

HHUK said:

I see they are now offering a tempting 2% cashback on all debit card purchases, up to a total spend of £2,000 per month for (effectively) the next three months.

But then they say once the debit card is launched they will support Google Pay, which suggests the card has yet to be launched. Not clear to me how they can give cashback on card purchases until that happens.

https://www.ifastgb.com/en/article-details/321762/Earn-2-Cashback-Spend-Smart-Get-Rewarded

https://www.ifastgb.com/assets/static-file/debit-card/debit-card-cash-back/iFAST Multi-Currency Card Cashback Terms & Conditions.pdf

Thanks for spotting cashback is only for few months. I was seriously considering opening their account because of the cashback but will not bother for something temporary. 

lon_don

It seems Utility, Council Tax, DVLA, TV licence    payments are eligible for cashback (not explicitly excluded in the t&c)

HHUK

flaneurs_lobster said: 
Hard credit check? Not too bothered but I've managed to acquire 2 already this month. 

Doesn't look like it, but it's described as a current account so not sure I'd expect there to be? Like you, it's not something that concerns me anyway.

I decided to set aside my initial misgivings about all the personal information they require and apply. It took several attempts to upload the video for the ID check (all very well being told not to wear spectacles when you can't read the instructions without them) but got there in the end on 29 March.

Account went live on 3 April, and I received the physical debit card today. So far, from the few small test transactions I've done, it all seems pretty slick, with payments in and out being instant (seconds or minutes, not hours or days).

Just wondering now whether top ups to my NSI Direct Saver account using the debit card would qualify for the cashback, in a similar way to how some of us managed to get an extra £30 from Zopa recently by making a one off payment of £1500 to Moneybox. Can't see that they are specifically excluded, and in my case it would make it a lot easier to achieve the maximum £120 cashback.

ryoko

2% Cashback T&C's - https://www.ifastgb.com/assets/static-file/debit-card/debit-card-cash-back/iFAST%20Multi-Currency%20Card%20Cashback%20Terms%20&%20Conditions.pdf

From their terms:

The Program runs from 27 March 2025 to 30 June 2025, which the date these Terms shall automatically expire

Cashback applies only to transactions that are fully completed within thevProgram period.

For example:

- If you spend £100, you will earn 2% Cashback = £2.00

- If you spend £1,000, you will earn 2% Cashback = £20.00

- If you spend £49p, you would not be rewarded for the Cashback since the Cashback amount is £0.0098

The following transactions are excluded from earning cashback:

• Cash withdrawals, balance transfers, and fund transfers.

• Fees, charges, and interest imposed by the Bank.

• Gambling, betting, and cryptocurrency-related transactions.

• Purchases from the following merchant categories:

o Stored Value Card Purchase & Reloads (prepaid cards, gift cards)

o Automated Cash Disbursements/ Withdrawal (ATMs, cash advances)

o Bank Transactions (loan payments, credit card bill payments)

o Money transfer (remittance services, peer-to-peer transfers)

o Non-Financial Institutions (currency exchange, money orders)

o Insurance Payments (policy premiums, underwriting)

o Direct Marketing – Insurance (telemarketing insurance sales)

o Parking (meters, garages, lot payments)

o Real Estate (rental payments, property management)

o Securities Trading (stockbrokers, investment platforms)

o Other Services – Not Elsewhere Classified (miscellaneous professional or business services that don’t fit common categories)

HHUK

Just attempted a small trial deposit into my NSI Direct Saver account using the iFast debit card details and received this notification

 Error:Invalid debit card number
Disappointing

flaneurs_lobster

HHUK said:

Just attempted a small trial deposit into my NSI Direct Saver account using the iFast debit card details and received this notification

 Error:Invalid debit card number
Disappointing

Is the card working for "normal" spend?

Strange error if it is, would expect card to work OK regardless of cashback qualification or otherwise.