Changes to Current and Savings Account Terms & Conditions
We are making some important changes to the Terms and Conditions of our savings and current accounts.
Please take a moment to review the full document, available on our website at alrayanbank.co.uk/terms-conditions, and directly via the link below. These changes will take effect for existing customers from 15 June 2026.
Please download and retain a copy for your records.
Summary of key changes for all customers
Minimum balance increase
The minimum balance for all AlRayan Bank savings accounts will increase from £5,000 to £10,000.
For instant access and notice accounts, if your balance falls below £10,000 after this change takes effect, your expected profit rate will reduce to 0.05%. Once your balance is restored to £10,000 or more, the advertised expected profit rate will apply again.
Fixed Term Deposits (FTDs) with balances below £10,000 will continue to earn their agreed expected profit rate until maturity. If you choose to reinvest at maturity, you will need to meet the new £10,000 minimum balance.
Current Account balance must be maintained at £2,500 at all times
The monthly fee for personal current accounts with a balance below £2,500 on the last working day of the month will be removed. To qualify for our Current Account, you will now have to maintain a minimum balance of at least £2,500 at all times.
Updates to account closure criteria
We will close your account if the balance falls below the required minimum of £10,000 for savings accounts and £2,500 for current accounts, or you do not transact on the account for the periods set out in the updated conditions.
Notice period for us to close a Current Account opened after 28 April 2026 will increase from 60 to 90 days
For current accounts entered into on or after 28 April 2026, we will give you at least 90 days’ written notice if we decide to close your account, except where an immediate closure is required in order to comply with legal or regulatory obligations, including those relating to financial crime, fraud prevention or sanctions.
For Current Accounts opened before 28 April 2026, the existing 60 day written notice period will continue to apply, except where immediate closure is required as outlined above.
Participation in the UK Dormant Assets Scheme
We are now participating in the Dormant Assets Scheme. If your account has been inactive for 15 years or longer, you may be classed as ‘dormant’ and your account funds may be transferred to the scheme. You retain the right to reclaim your money at any time.
Changes relating to joint accounts and account operations
New applications will now specify online whether joint accounts are permitted for each product.
Next steps
If you accept these changes, you do not need to take any action. The new Terms and Conditions will come into effect automatically from 15 June 2026. However, we encourage you to review your balances, particularly if you hold a savings or current account, to ensure you continue to meet the new minimum balance requirements.
How to close your account
If you reject these changes, you have the right to terminate your contract without charge at any time before the proposed change takes effect.
If you wish to close your current or savings account before this date, the easiest way to do so is through Digital Banking. You can find step by step guidance at alrayanbank.co.uk/how-close-your-account
Other account options
As a result of these changes, you may wish to explore other products that meet your needs. Comparable accounts are available from a range of providers, and you may want to review what options are suitable for you.