Current accounts with balances below £2,500

We’re making a change to our current accounts. 

Following a recent update to our Terms and Conditions, personal current accounts will now require a minimum balance of £2,500 to remain open.

If you hold a current account with a balance below £2,500, this page explains:

• what your options are
• what happens if you take no action
• how we’ll return your money if your account closes
   

Your options

If your current account balance is below £2,500, you have two options:

1. Keep your account open: To keep your account open, you’ll need to increase your balance to at least £2,500 by the closure date shown in your letter or email, and maintain this balance going forward.
2. Take no action: If you don’t increase your balance, we’ll close your current account and return your money to you automatically after the closure date.
    

What happens if your account closes

If your current account closes because the balance remains below £2,500:

• your account will close on the date shown in your letter or email
• your remaining balance will be returned to you
• any debit cards and cheque books linked to the account will be cancelled
• your money will remain safe and secure throughout

How we return your money depends on whether you have a nominated account registered with us.

How we return your money

If you already have a nominated account

If you’ve previously told us which bank account to use for savings withdrawals:

• we’ll automatically transfer your money by electronic transfer
• the transfer is usually to an external bank account in your name
• you don’t need to take any action
• please allow up to five working days after the closure date for the transfer to complete

If you do not have a nominated account

If you haven’t registered a nominated account with us yet, you can choose how you’d like to receive your money:
 

• Option 1: Provide nominated account details: If you give us valid nominated account details before the closure date, we’ll return your balance by electronic transfer. The account must be in your name
• Option 2: Receive a cheque: If we don’t receive nominated account details before the closure date: we’ll send a cheque for your full balance. Please allow time for us to process and administer your cheque. If profit is due on your account, we will wait until after the final working day of the month before issuing your cheque, to ensure it is included in your final balance.

If your address has changed, it’s important to let us know as soon as possible.

How to add or update a nominated account

If you use Digital Banking, you can add or update your nominated account details there.
Step‑by‑step instructions are available at: alrayanbank.co.uk/nominated-accounts

Closing your account sooner

• We’re giving you more than 60 days’ notice before any account is closed.
• If you’d prefer to close your account before the closure date shown in your letter or email, you can do so at any time by visiting:
  alrayanbank.co.uk/close-account

Is your money safe?

Yes. Your money remains safe and secure.

• Your eligible deposits are protected by the Financial Services Compensation Scheme (FSCS)
• Protection applies up to £120,000 per person, or £240,000 for joint accounts
• If your account closes, your money remains protected until it’s returned to you

For more information, visit alrayanbank.co.uk/fscs

Looking for an alternative account

If you decide not to increase your balance to £2,500, you may wish to explore other current account options that better meet your needs.

Current accounts are available from other providers, and you may want to consider which options are suitable for you, including those aligned with your banking preferences.

We’re here to help

If you have questions or need support, please contact us or refer to the information in your letter or email. If you’re unhappy with any aspect of this process, you have the right to make a complaint. If we’re unable to resolve your concerns, you can refer your complaint to the Financial Ombudsman Service, which is free and independent.