iFAST Global Bank Unveils New Flexible Cash ISA - A Smarter Way to Save Tax-Free

LONDON, March 4, 2025 /PRNewswire/ -- iFAST Global Bank ("iGB" or the "Bank"), the digital banking arm of iFAST Corporation Ltd. ("iFAST Corp"), has introduced its Flexible Cash ISA, providing UK savers with a tax-free and hassle-free way to grow their money. Offering a competitive 3.85% Annual Equivalent Rate (AER) interest rate, this new account allows customers to access their funds flexibly without losing tax-free benefits.

A fully licensed UK bank, iFAST Global Bank is regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). The Bank recently achieved a key milestone, recording profitability in 4Q2024 and crossing S$1 billion in customer deposits as at end December 2024.

Expanding its suite of digital banking solutions, iFAST Global Bank already offers an interest-bearing Multi-Currency Account (MCA) with access to British Pound (GBP), United States Dollar (USD), Euro (EUR), Hong Kong Dollar (HKD), Singapore Dollar (SGD), Chinese Yuan (CNY), and Japanese Yen (JPY), allowing customers to save, spend, and manage their money smoothly. The introduction of the Flexible Cash ISA provides additional tax-free advantages for UK residents.

Key Features of Flexible Cash ISA:

• Tax-Free Savings: Earn interest tax-free, up to the £20,000 annual ISA limit.
• Competitive Interest Rate: Enjoy 3.85% AER, a strong return compared to standard savings accounts.
• Flexible Withdrawals & Unlimited Access: Withdraw and redeposit funds within the same tax year (from 6 April to 5 April in the following year), without impacting your tax-free allowance or incurring penalties.
• Integrated Banking Solutions: Manage your Flexible Cash ISA alongside an interest-bearing Multi-Currency Account, enabling real-time transactions in multiple currencies.

Customers can start saving with as little as £1. To open a Flexible Cash ISA, they must first hold a Multi-Currency Account with iFAST Global Bank, which is free to set up through a quick and convenient online process.

"With rising costs and shifting financial priorities, we know savers want the freedom to manage their money without restrictions. Our Flexible Cash ISA offers competitive returns and tax-free savings, and ensures easy accessibility and control. By integrating smoothly with our Multi-Currency Account, customers can manage their finances holistically, making real-time transactions across multiple currencies. This reinforces our commitment to delivering innovative and flexible banking solutions that empower our customers to save, spend, and grow their wealth with confidence," said Simon Lee, General Manager of the Digital Personal Banking division at iFAST Global Bank.

About iFAST Corp & iFAST Global Bank

iFAST Corp is a global digital banking and wealth management platform, with assets under administration of S$25.01 billion as at 31 December 2024. Established in 2000, it operates in Singapore, Hong Kong, Malaysia, China, and the UK. iFAST Global Bank is a fully licensed UK bank, offering multi-currency deposits, payment services, and remittance solutions. The Bank is a member of the Bank of England's Faster Payments and CHAPS systems.

Media Contact:
Rachelle Au-Yeung | (+44) 7793 469015 | rachelle.auyeung@ifastgb.com / corpcomms@ifastfinancial.com