What is a nominated account?
- A nominated account is a bank or building society account where your entity can receive payments. Nominated accounts help reduce the risk of criminals accessing your entity's account and diverting funds to their own accounts. Payments can only be made to the nominated bank account details you have provided to us.
Send your entity's nominated account information
- From April 2024 all Al Rayan Bank savings accounts will require a single nominated account to which external payments and transfers are made. This nominated account will apply to all savings accounts you hold with Al Rayan Bank in your entity's name.
- Your entity's nominated account can be with any UK bank or building society, as long as it is listed as an account holder.
- Savings accounts without a nominated account after this point will continue to earn profit, receive statements, and accept deposits from external accounts. However, you will not be able to make payments to other external accounts until the nominated account details are provided.
- Direct Debits or standing orders will not be allowed on savings accounts after this point. Please make any necessary changes to any Direct Debits or standing orders associated with your entity's savings accounts before this date.
What’s not changing:
- In-bound payments to your entity's savings accounts are not affected by this change.
- Transfers between your entity's own Al Rayan Bank accounts are not affected by this change.
- This change does not impact any Current Account or finance product your entity has with Al Rayan Bank.
- It’s very easy to provide your nominated account details online, the process should take no longer than five minutes to complete.
- The links on this page will take you to separate online form where you will be asked to enter your unique five-digit code and entity exactly as shown in the email or letter that you received from us. Once you are logged in, please follow the instructions on the screen.