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

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81889446#Comment_81889446

It can't be Bacs as when I make a withdrawal via, "Bank Transfer" it arrives next day which is too quick for Bacs. My most recent withdrawal from TopCashback is described by Lloyds as, "Faster Payments Incoming."

andyhicks88

I'm a little concerned as I believe that they offer salary paid a day early on this account, i changed my bank details with my employer last week to Ifast for this offer and I am due my pay tomorrow normally and so I'd have expected it to be in my ifast account today then but it isn't….should I be worried? Or does this feature need to be turned on or just doesn't always work or what?

gt94sss2

https://forums.moneysavingexpert.com/discussion/comment/81889972#Comment_81889972

1. You need to actively opt in to the get paid early feature. It's not on by default.
2. If you have a BACS payment, it should be paid after 4pm the day before it was due.
3. I don't believe iFast show the payment in advance, you just get a notification that it has been paid

Lens

https://forums.moneysavingexpert.com/discussion/comment/81889487#Comment_81889487

https://forums.moneysavingexpert.com/discussion/comment/81890026#Comment_81890026

Many thanks both for your comments. Think I'm going to get my salary changed over just to make sure I don't miss out. Could be TCB maybe just using BACS acronym incorrectly in their FAQ page.

James_Londoner

Quidco uses BACS for payouts (whereas TCB uses Faster Payments)

Lens

https://forums.moneysavingexpert.com/discussion/comment/81891069#Comment_81891069

Thanks I don't have an account with Quidco so just going to ask for my salary to be changed over.

Confusingly TCB does state BACS on this page but obviously this is an error - https://www.topcashback.co.uk/help/how-do-i-make-a-payout-to-withdraw-my-cashback/

friolento

Email from iFast received today. Make of it what you will.

Terms & Conditions Update – Promotion Campaign "Power Up Your Payday!"

We will be updating the Supplementary Terms & Conditions to clarify what qualifies as an “Eligible Direct Credit” for the purpose of earning rewards under this promotion. From 6 March 2026, an “Eligible Direct Credit” will refer to a payment of salary or pension income received via Bacs. The following will not qualify as an “Eligible Direct Credit”: Transfers that are not payments of salary or pension income Transfers from investment or trading accounts Transfers from accounts held in your own name When does this take effect and What it means for you? The revised Supplementary Terms are available to view on our website from today. The updated definition will take effect on 6 March 2026. Any Direct Credits received before 6 March 2026 will not be affected and will continue to be recognised as Eligible Direct Credits under the Program’s eligibility criteria. All other terms of the promotion remain unchanged. We are making this clarification to ensure the promotion operates as intended and remains fair for all participants. Who Can I Contact for Questions or Concerns?  iFAST Global Bank is committed to providing exceptional support and service to our clients. Should you have any questions or concerns regarding this communication, please feel free to reach out to us via Live Chat or email us at clienthelp@ifastgb .com. Thank you for your continued trust in iFAST Global Bank.

Yours sincerely, Digital Personal BankingiFAST Global Bank, United KingdomWebsite: ifastgb.com

j.p

Are iFAST wanting to attract people with a regular income, or are they wanting to attract BACS Direct Credit testers? Who'd put their own money on the line, at risk of receiving it late or not at all, and having to claim it? And if this isn't a live test of their BACS receiving systems, why not reward people who receive their salaries or pensions (or benefits, which in the last policy update seem to have been left out) through Faster Payments? Because if they weren't sure whether those FP were indeed income, they could have asked for a payslip or pension plan statement, in each case, to prove they were. I can't imagine why that would've been too difficult.

Really, what is iFAST trying to achieve?

SparkandShine

https://forums.moneysavingexpert.com/discussion/comment/81893372#Comment_81893372

I saw their latest update as well, and tbh I personally think BACs only for uk salary is fair enough… and quite common (?) At least it works for me as my salary is paid by employer via BACs. I don’t know if some employers in the UK would pay salary by Faster payment ? Then that might be something that hv left out.

HHUK

I registered for the cashback offer but have not received the updated terms and conditions email. Whilst I wouldn't gamble with my main source of income, I have arranged for a tiny annuity (received in monthly instalments) to be paid into my iFast account for the next few months, which I hope will qualify for the £100.