AL RAYAN Closing Accounts

Wheres_My_Cashback

I know many of us utilised AR for a long time with their savings accounts when they were at/near the top of the charts for a very long time, however that hasn't been the case since late May.

Many would have withdrawn funds to maybe a penny or a pound just to keep a relationship, but they are now closing those accounts.

I've been advised that mine will close in 60 days and my balance will be transferred to a charity at that time unless I deposit a minimum £2500.
It is still possible to manually W/D until then also.

No problems with them closing it from my side, just an advisory that you'll possibly get the same letter.

subjecttocontract

Al Rayan are paying 5.95% for a 1 year fix.

Doctor_Who

I have an Everyday Saver with ~£1 in it, but haven't received a letter yet. I have quarterly interest paid from fixed rate accounts to the Everyday Saver (from where I withdraw the money), so I'll either have to change this to another account (if possible) or pay in £2500 to keep the account open. I presume you can just withdraw the £2500 and everything resets for another 60 days?

friolento

I too had that letter, and I am happy for my remaining 5p, plus interest on it, to go to charity

I had really only kept the pennies in this account to preserve my online access, in case Al Rayan were going to offer a market leading rate I would be interested in again. They didn't, so this seems to be the end of an era. It used to be a great account to have for a considerable length of time. The 'rot' started when they stopped SOs from the savings account. Oh well, onwards and upwards.

Wheres_My_Cashback

Doctor_Who said:

I have an Everyday Saver with ~£1 in it, but haven't received a letter yet. I have quarterly interest paid from fixed rate accounts to the Everyday Saver (from where I withdraw the money), so I'll either have to change this to another account (if possible) or pay in £2500 to keep the account open. I presume you can just withdraw the £2500 and everything resets for another 60 days?

That certainly would be a way to initially preserve your customer relationship with them, however I suspect once they've written to you they may keep a closer eye on the account in regard to minimum balance requirements which I believe originally was £5k.

Rudyson

It'll be intersting to see if I get the letter. I have about £50 in the savings a/c, but also have a 12 month fix with them

Doctor_Who

Wheres_My_Cashback said:

Doctor_Who said:

I have an Everyday Saver with ~£1 in it, but haven't received a letter yet. I have quarterly interest paid from fixed rate accounts to the Everyday Saver (from where I withdraw the money), so I'll either have to change this to another account (if possible) or pay in £2500 to keep the account open. I presume you can just withdraw the £2500 and everything resets for another 60 days?

That certainly would be a way to initially preserve your customer relationship with them, however I suspect once they've written to you they may keep a closer eye on the account in regard to minimum balance requirements which I believe originally was £5k.

The current Everyday Saver says 'minimum deposit of £5000' and nowhere in the summary box could I find information about a minimum balance (it just says you can withdraw money as often as you like). I understand deposit to mean 'a sum of money paid in to an account', which is different to a minimum balance.

Wheres_My_Cashback

Doctor_Who said:

Wheres_My_Cashback said:

Doctor_Who said:

I have an Everyday Saver with ~£1 in it, but haven't received a letter yet. I have quarterly interest paid from fixed rate accounts to the Everyday Saver (from where I withdraw the money), so I'll either have to change this to another account (if possible) or pay in £2500 to keep the account open. I presume you can just withdraw the £2500 and everything resets for another 60 days?

That certainly would be a way to initially preserve your customer relationship with them, however I suspect once they've written to you they may keep a closer eye on the account in regard to minimum balance requirements which I believe originally was £5k.

The current Everyday Saver says 'minimum deposit of £5000' and nowhere in the summary box could I find information about a minimum balance (it just says you can withdraw money as often as you like). I understand deposit to mean 'a sum of money paid in to an account', which is different to a minimum balance.

I believe there used to be a min £5K balance requirement a long while back which was possibly changed to a deposit requirement, but the letter clearly states now that the 'Minimum Balance Required' is £2500'

pearl123

I'm happy to remove the last little bit of my money, as they're no longer competative. 

masonic

I had a letter from them in the spring giving me a date they would close one of my accounts that had a zero balance for well over a year, but it's still there, unused, today.

Beddie

They should close accounts with next to nothing in, as it's costing them money. They recently sent me, by post, an annual statement of charges - none, obviously. What a waste of money and resources.