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i can only speak for the UK, but it depends on the person and the bank. i've had some friends do SAs after a masters, and i've had some go full time.
generally, the SA roles are less competitive than FT ones in terms of expected knowledge at the interview stage, so if you don't have direct finance experience, that might be a (slight) simpler route. the downside, though, is that you aren't guaranteed an FT starting straight after the internship - they could leave you hanging for a year before your analyst starting date. but you could make it known that that's what you want; said friends above did that and were accommodated by their banks.
can't speak for the other side of the atlantic, not sure how different it is there.
most banks hire primarily through their internships (some banks, e.g. Nomura, will only hire this way), so there are more positions available. internship candidates are not necessarily expected to have previous financial experience, although it does give applicants a competitive advantage. accordingly, interviewers will expect less detailed knowledge of financial theory and deal experience.
for FT, there are fewer positions available for the above reasons, and those who get to interview stage will typically have experience working/interning in finance; strong competitive disadvantage for those who don't have it, but not an auto-ding. FT interviewers will expect a more nuanced understanding of financial theory (e.g. sector-specific approaches to valuation if you are applying to a certain desk, such as FIG or infra). in my FT interviews, i was asked to explain details of the deals i worked on as an intern and to outline how i contributed.
in short, from my experience (bank-dependent), for SA recruiting it's more about why banking?, what do you know about finance?, whereas FT recruiting focuses more on why this bank in particular?, why this team in particular?, what is your relevant experience? what financial knowledge can you demonstrate that would allow you excel in this role?
edit: also yes, online tests, phone interviews (sometimes), hirevue (or equivalent vid interview) (almost everytime), face to face interview (superday/AC). sometimes more than one phone and/or face to face.