Savings accounts with balances below £10,000

We’re making a change to our savings accounts. Following a recent update to our Terms and Conditions, the minimum balance for all AlRayan Bank savings accounts is increasing from £5,000 to £10,000.

If you hold a savings account with a balance below £10,000, this page explains:

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

Your options

If your savings account balance is below £10,000, you have two options:

1. Keep your account open: To keep your account open, you’ll need to increase your balance to at least £10,000 before the closure date shown in your letter or email.
2. Take no action: If you don’t increase your balance, we’ll close your account and return your money to you automatically after the closure date. You’ll receive your full balance, including all profit earned up to the date your account closes.

What happens if your account closes

If your account closes because the balance remains below £10,000:

• your account will close on the date shown in your letter or email
• all profit will be calculated up to the closure date
• your remaining balance will be returned to you
• 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 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. Yt will be sent to the correspondence address we hold for you. Please allow up to 10 working days after closure to receive your cheque

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

If you want to keep saving

If you decide not to increase your balance to £10,000, you may wish to explore other savings products that meet your needs.

Comparable savings products are available from a range of providers, including those offering Sharia‑compliant savings. Fixed‑term deposits may also be available through aggregated savings platforms, subject to their own eligibility criteria.

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.