Cash ISAs

What is the current ISA allowance?

There is a limit to the amount you can invest in an ISA in any tax year, this is referred to as the annual ISA allowance. The annual ISA allowance is now £20,000* and the whole amount can be invested in a cash ISA.

Please note that you can only pay into one new cash ISA in each tax year. A tax year runs from April 6th of one year to April 5th of the next. You cannot carry over any unused ISA allowance.

*This is our current understanding of the annual ISA allowance. For up-to-date information on the annual ISA allowance, you can visit www.hmrc.gov.uk.

Can I deposit more than my ISA allowance?

If you try to deposit more than the annual ISA allowance into your new Cash ISA in any tax year, we will place the excess into your nominated account.

Can AlRayan Bank change the expected profit rate?

The expected profit rate on your Instant Access Cash ISA is variable, which means it can change at any time.

If your balance is £100 or more, we’ll notify you by email of any reduction in the rate and give you 14 days’ notice to consider your options.

We’ll also aim to inform you of any increase in the expected profit rate.

What would the estimated balance be after 12 months based on a £5,000 deposit?

If you deposited £5000 into your Instant Access Cash ISA and made no further deposits or withdrawals, the estimated balance after one year would be £5,116.22. This is for illustrative purposes only and does not take into account your individual circumstances.

How often do I get the statement of my account?

Your ISA statement will be posted out to you once a year, in April. 

There are also some important documents which you may need to refer to. We keep these on our website, but please let us know if you require a printed copy and this can be sent out to you. 

The Terms and Conditions can be found at alrayanbank.co.uk/terms-conditions and the Tariff List can be found at alrayanbank.co.uk/fees

How to fund your account: 

You can fund your Instant Access Cash ISA account either by direct account transfer or a cheque from an account in your name. You can deposit a cheque by posting it to AlRayan Bank, PO Box 12461, Birmingham, B16 6AQ. Please ensure all cheques are payable to yourself.

Whichever method you choose, you will need to make a note of the following:

• Your account number, which is a unique eight-digit number.
• Your reference number, which is a unique six-digit number which can 

You can manage this account:

• Through Digital Banking (if you're registered)  

Can I withdraw money?

You can withdraw money as often as you like, subject to daily maximum withdrawal limits. You can withdraw your funds in any of the following ways:

• Log into Digital Banking (if you haven’t already registered, visit alrayanbank.co.uk/mobile)
• Write to us at AlRayan Bank, PO Box 12461, Birmingham, B16 6AQ giving us instructions to make a payment to a nominated account

You can only make withdrawals to the nominated account you provided. You can change your nominated account via our Digital Banking app. 

Visit alrayanbank.co.uk/nominated-accounts for more information

Money you pay into, and then withdrawn from your ISA, still counts towards your annual ISA allowance. For example, if you put £20,000 into your ISA and then withdrew £500, you would not be able to pay any more money into your ISA or replace the £500 before the end of the tax year.

Making a complaint

At AlRayan Bank we pride ourselves on the high standard of service we deliver to our customers. But sometimes we may get things wrong. If you think we have done something wrong or there is something not right with your account, please get in touch and we will work to make things better.

If, however, you are still unhappy, you can make an official complaint to us by using the form located on our website: alrayanbank.co.uk/customer-complaints-form

Alternatively, reach out to our dedicated Customer Care Team by phone or in writing at:

Customer Care Team - AlRayan Bank PLC, PO BOX 12461, Birmingham B16 6AQ

You can also download our Customer Care Leaflet from the website or call us or write to us and we will send you a copy.

If you are unhappy with how we handle your complaint, you can contact the Financial Ombudsman Service (FOS). The FOS is available to settle certain complaints you make if they cannot be settled through our internal complaints’ procedures. The contact details of the FOS are as follows:

The Financial Ombudsman Service - Exchange Tower, London E14 9SR

Website: financial-ombudsman.org.uk

Telephone: 0800 023 4567