al rayan — Online banking is being switched off

water4444

Blackadr said:

 However, no escaping the fact that their interest rates are as good as they get these days - just about their only redeeming feature at the moment but a key one!

If you can overlook the alleged links to "questionable" groups.

mrchagle

I have to say, being a Starling / Curve / Revolut user, I do like the App. I'm used to App only banks. I also like the fact you can use a Web Browser on a Desktop too (Via the QR Code on the App). I personally never had any issues with the App - Everything worked at it should.

My next thought, do I now move more savings in Al Rayan considering I'm getting 1.6% Interest, sorry "Profit".

How does everyone else feel about Al Rayan's future? I know they are protected ... 

Wheres_My_Cashback

I'd say it's a dead cert that interest rates will drop within the next few weeks to in the region of 1.35/1.40% AER. 

When they do I'll shuffle back to Cynergy where i can get 1.55%....for now !

d63

Wheres_My_Cashback said:

I'd say it's a dead cert that interest rates will drop within the next few weeks to in the region of 1.35/1.40% AER. 

When they do I'll shuffle back to Cynergy where i can get 1.55%....for now !

but now it seems that in order to be able to access cynergy online from the 14th march you will need to download an app too --  or get some kind of digipass gizmo
https://www.cynergybank.co.uk/online-banking/cynergy-bank-authenticator-app/
oh heavens! did i miss the memo or something? if my cashback hadn't happened to mention cynergy in his post i would still be happily ignorant of all this!
feels like the walls are closing in here!

Wheres_My_Cashback

d63 said:

Wheres_My_Cashback said:

I'd say it's a dead cert that interest rates will drop within the next few weeks to in the region of 1.35/1.40% AER. 

When they do I'll shuffle back to Cynergy where i can get 1.55%....for now !

but now it seems that in order to be able to access cynergy online from the 14th march you will need to download an app too --  or get some kind of digipass gizmo
https://www.cynergybank.co.uk/online-banking/cynergy-bank-authenticator-app/
oh heavens! did i miss the memo or something? if my cashback hadn't happened to mention cynergy in his post i would still be happily ignorant of all this!
feels like the walls are closing in here!

Thankfully the Cynergy Authenticator can be downloaded and working very quickly without the need for a New phone and without the hassles experienced with Al Rayan.

colsten

Blackadr said:

Yep, notice too short.  Intentions probably sound but poorly planned and executed.  I get as far as entering security details in mobile app before an error: "Missing mobile number" with nowhere to enter it.  Can't go back, can't go forward.  Tried secure messaging them from desktop login but that too does not work.  Tried entering my mobile number via desktop login preferences - mobile app stills gives same error.  Tried calling digital registration help line (694 7193) - endlessly in queue with no indication of progress.  Tried general number - same.  Used general 'contact us' form - no response as yet after 5 days.  However, no escaping the fact that their interest rates are as good as they get these days - just about their only redeeming feature at the moment but a key one!

Have you tried raising a complaint - I filed one yesterday and got acknowledgement for it today. This isn't to say that a complaint would result in your issues being resolved in the next day or two but your dissatisfaction is formally in their system, and you might be able to escalate them to the FOS. https://www.alrayanbank.co.uk/useful-info-tools/about-us/contact-us/complaints-procedure/customer-complaints-form/

colsten

water4444 said:

Blackadr said:

 However, no escaping the fact that their interest rates are as good as they get these days - just about their only redeeming feature at the moment but a key one!

If you can overlook the alleged links to "questionable" groups.

????????? what links ?????????? what questionable groups ???????????????

colsten

mrchagle said:

I have to say, being a Starling / Curve / Revolut user, I do like the App. I'm used to App only banks. I also like the fact you can use a Web Browser on a Desktop too (Via the QR Code on the App). I personally never had any issues with the App - Everything worked at it should. 

You are lucky then. Lots and lots of people, incl myself, had - or are still having - terrible issues with registering. I had used the app for several months until it stopped working after a recent upgrade. It took them over two weeks to fix that issue, and they never had the courtesy to let me know that they fixed it. I must have spent at least 4 hours on the phone to them over this, PLUS I needed to call them (suffering the usual wait times) to move money. 

I also can't see any of my numerous standing orders in the app, can't delete any of them, and setting up new ones requires entering umpteen future payments. Pretty disastrous.

mrchagle said:

My next thought, do I now move more savings in Al Rayan considering I'm getting 1.6% Interest, sorry "Profit".

How does everyone else feel about Al Rayan's future? I know they are protected ... 

The 1.6% are a huge incentive to put up with all the hassle.

I am not concerned one bit about their future, and FSCS provides added peace of mind.

colsten

d63 said:

another article about al rayan in moneyfacts today ---
https://moneyfacts.co.uk/news/other/al-rayan-bank-to-launch-new-digital-banking-app/
clear as mud! just what IS going on? 
oh never mind!

Definitely clear as mud.

Similar from Which? Money Weekly: https://www.which.co.uk/news/2020/02/al-rayan-to-shut-down-online-banking-in-less-than-a-week-what-you-need-to-know

water4444

colsten said:

water4444 said:

Blackadr said:

 However, no escaping the fact that their interest rates are as good as they get these days - just about their only redeeming feature at the moment but a key one!

If you can overlook the alleged links to "questionable" groups.

????????? what links ?????????? what questionable groups ???????????????

https://www.thetimes.co.uk/article/al-rayan-bank-clients-include-terror-group-and-abu-hamzas-former-mosque-zfq0xk3bd

The bank has come under scrutiny after it was revealed its client list included at least 15 controversial entities – four of which have had their UK accounts closed by leading banks including HSBC and Barclays.

Its client list includes groups accused of links to extremists including Hamas and the Muslim Brotherhood.

It is believed the investigation was launched last year and has led to restrictions placed on the bank preventing it from opening new deposit accounts for anyone “categorised as high risk for the purposes of financial crime risk”.

https://www.thenational.ae/world/qatar-controlled-bank-investigated-by-uk-over-money-laundering-1.901503

Bank response 

https://www.alrayanbank.co.uk/useful-info-tools/about-us/latest-news/aug-2019/statement-23-august-2019/