iFAST Global Bank vs Lloyds: Switch Bonus Comparison
Lloyds offers the better net value at £500 vs £100 after fees.
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- Switch salary/pension via Bacs Direct Credit (not CASS)
- Receive at least 1 payment between 1 Feb – 30 Apr 2026
- No need to close existing account
- Full CASS switch required
- 2.65% AER on GBP balances
- Multi-currency accounts (USD, EUR, HKD)
- Early salary access (1 business day before payday)
Verdict: iFAST Global Bank vs Lloyds
Lloyds offers the higher switch bonus at £500 vs £100.
Lloyds has fewer requirements (1 vs 3), making it simpler to qualify.
iFAST Global Bank comes with more perks (3 vs 0), including things like 2.65% aer on gbp balances.
Frequently Asked Questions
Which has the higher switch bonus, iFAST Global Bank or Lloyds?
Lloyds currently offers the higher bonus at £500, compared to £100 from the other bank.
Can I switch to both iFAST Global Bank and Lloyds?
Yes, you can switch to both banks, but you need to do them one at a time using the Current Account Switch Service (CASS). Complete one switch, wait out the cooling-off period, then switch again to the second bank.
How long is the cooling-off period for iFAST Global Bank and Lloyds?
The cooling-off periods are: Lloyds: 12 months. During this time you cannot switch away without potentially losing your bonus.
Which bank is easier to switch to, iFAST Global Bank or Lloyds?
Both banks use the Current Account Switch Service (CASS), which makes the process straightforward. The main differences are in specific requirements like minimum pay-in amounts, number of direct debits, and whether you need to use their app. Check the requirements comparison above for full details.