Current Account Maintenance Fee

We regularly review our banking products to understand how our customers are using them. Following a recent review of the personal Current Account, we’d like to inform you of a change that we are making.

  • From 1 January 2023, we will introduce a new account maintenance fee of £5 per month on all personal Current Accounts with a balance less than £2,500, as of the final working day of the month.
  • Personal Current Accounts with a balance equal to, or greater than £2,500 - as of the final working day of the month - will not be charged.

Changes to the personal Current Account

If you have a personal Current Account with a balance greater than £2,500 on the final working day of the month, you do not need to take any action. However, should the balance drop below £2,500 on the final working day of a month in the future, the account will become eligible for the account maintenance fee.

If you have a personal Current Account with a balance below £2,500 on the final working day of the month and are happy to pay the account maintenance fee, you do not need to take any action. The fee will automatically be taken from your account on the first working day of February 2023, and subsequently on the first working day of every month thereafter that your account is below the £2,500 threshold.

If you have a personal Current Account with a balance below £2,500 on the final working day of the month and do not want to pay the monthly account maintenance fee, you have two options:

  1. Increase your account balance to a minimum of £2,500 by the final working day of January 2023. This will exempt your personal Current Account from the account maintenance fee. However, should the balance drop below £2,500 on the final working day of a month in the future, the account will become eligible for the account maintenance fee.
  2. Transfer any outstanding balance and close your account before the final working day of January 2023.
Closing your account
If you would like to close your account, you can do so in any of the following ways. Please note we can only transfer funds to an account in your name.

1. Digital Banking

If you are registered for Digital Banking, you can send a secure message by logging on to the Digital Banking app or Desktop Portal, and following the below steps:

  • From the main menu, choose ‘Secure messages’
  • Then select ‘add’
  • Next ‘choose ‘Services’
  • Finally, select ‘Closure of account’

If you have not already transferred any outstanding balance on your personal Current Account, you will need to provide the following information:

  • The account number and sort code of the account that you wish to transfer any outstanding balance to
  • The account number of the personal Current Account you wish to close.

2. Telephone Banking

If you are registered for Telephone Banking, you can close your account by calling us and instructing us to close your personal Current Account, following verification. You will need to inform us of the account number and sort code of the account that you wish to transfer any outstanding balance to.

3. By letter

You can close your account by writing to us at.

Account Services Team
Al Rayan Bank
24a Calthorpe Road
Birmingham
B15 1RP

The letter must be dated, signed, and contain the account number of the Current Account you wish to close, as well as the account number and sort code of the account that you wish to transfer any outstanding balance to.

Important: withdrawing your funds alone will not close your personal Current Account

You must notify us of your decision to close the account in one of the ways outlined for the closure to be effective, and to ensure that your Current Account does not become eligible for the account maintenance fee.

Man putting card details into his phone

The new way to manage your accounts online

Register for Digital Banking and manage your account on the move through our Mobile Banking app, or from the comfort of your own home through the Desktop Portal.