iFAST Global Bank fuels the ambitions of UK SMEs

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Small and Medium-sized Enterprises (SMEs) are the backbone of the UK economy and labour workforce, playing a vital role in keeping local economies moving and people connected. At the beginning of 2025, 99% of the 5.7 million private-sector businesses in the UK were SMEs, according to the Department for Business and Trade. Despite their economic significance, many SMEs are still quietly overlooked by traditional banks.

The Value Gap: Why SMEs are Underserved by Conventional Banks

SMEs struggle with one-size-fits-all business banking services that fail to meet the unique needs of their organisation as traditional banks grew more distant, complex and impersonal. The challenges facing SMEs include:

• High Banking Fees: Traditional banks often impose fees for basic account usage, deposits and cross-border transactions. SMEs who already operate on tight margins face greater pressure as a result.

• Poor Customer Service: Based on a survey of 2,250 UK SMEs by RFI Global, half are dissatisfied with the level of proactive advice provided by their banks. Small business owners often receive inadequate support as major banks fail to recognise their clients’ priorities and pain points.

• Limited Currency Options: Managing multiple currencies can be challenging as some bank accounts only accept GBP.

• Zero Interest on Current Accounts: High street banks usually offer little to no interest for current accounts, resulting in missed opportunities for UK businesses to their working capital.

iFAST Global Bank is on a mission to challenge outdated banking norms. We believe that businesses of all scales deserve flexible, digital-first partners who support their global ambitions.

Our Multi-Currency Business Current Account is created to provide seamless banking connectivity. Businesses can hold, receive, spend and transfer across nine major currencies: GBP, EUR, USD, SGD (Singapore Dollar), HKD (Hong Kong Dollar), CNY (Chinese Yuan), JPY (Japanese Yen) CHF (Swiss Franc), and AED (United Arab Emirates Dirham), all in one account.

After opening an account, UK-registered entities are eligible for a complimentary Visa debit card with real-time foreign exchange conversion and card acceptance in over 200 countries and territories.

Why our Multi-Currency Business Current Account stands out:

1. High Interest with No Trade-offs

iFAST Global Bank applies interest directly on current account balances, allowing businesses to earn up to 2.65% AER (variable)* on their GBP funds.

2. One Account for All your Needs

Managing several accounts can be tedious. Spend, save, withdraw and make international transactions all in one platform with this multi-currency business account.

3. Global Payment Services

iFAST Global Bank is a direct member of the Bank of England Faster Payment Scheme, CHAPS and SWIFT, providing fast and secure local and international payments. Competitive FX rates apply to both debit card spending and cross-border transfers.

4.Deposit with iFAST Global Bank

Make your idle business funds work harder with:

• Fixed Term Deposits: Receive guaranteed returns up to 3.30% AER* on GBP and 3.20% AER* on USD. Select flexible terms between one and 24 months, which provide a reliable way to secure growth without making long-term commitments.

• Notice Deposits: With a 95-day notice, you can access your business money and earn up to 3.25% AER* (variable) on GBP

5. Digital-First Solutions

Our top priority is delivering seamless digital experiences with people-focused solutions. With our fully digital application, businesses can open an account online in just a few simple steps. For assistance, you can contact our Client Services Team via the mobile app's built-in chat and call. Customer service is available in English, Chinese, or Cantonese without charges for overseas calls.

Reimagine Banking Together

Opening a UK business account doesn’t have to be difficult, time-consuming or costly. With iFAST Global Bank, SMEs can earn higher interest on working capital, manage cross-currency transactions and enjoy dedicated services.

All eligible deposits up to £120,000 per person, per bank are fully covered by FSCS (Financial Services Compensation Scheme) protection. This Government-backed scheme ensures fund security for customers even in the unlikely event of bank failure.