AL RAYAN Closing Accounts

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Comments

  • Checked on their website and they say you must write in by post to close your account. So if they will close it instead that would be better than paying for a stamp. I am just leaving mine at zero balance.

    https://www.alrayanbank.co.uk/help-and-support/results?faq_keywords=close+account
    Can I close my account via Digital Banking or by email (or by telephone)?

    To protect customers’ accounts, we require all closure accounts to be made in writing.  If you want to close your account, please write to us at the following address:

    Account Services Team

    Al Rayan Bank
    24a Calthorpe Road
    Birmingham
    B15 1RP

    Your letter must be dated, signed, and contain the information about the account you wish to close.  Please note if your signature does not match the one that we hold on file for you, your account will not be closed. We will write to you requesting you sign a new signature mandate before we can close the account.



  • masonic
    masonic Posts: 23,204 Forumite
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    Some have reported success requesting closure by secure message, though I tried it once and they asked me to write in as you say, which I was not bothered enough to do.
  • cwep2
    cwep2 Posts: 202 Forumite
    First Post Name Dropper First Anniversary Combo Breaker
    They have clearly shifted their focus to fixed rate bonds which mean that funds are much more stable/predictable instead of instant access where money is much more flighty.

    A lot of the top of the table instant access accounts have had similar experiences of getting swamped with money and account applications initially, only to see huge chunks leave when there's a better rate available. We've seen it with Al Rayan, Zopa, Chip, also Tandem, Oxbury, Atom etc. who now don't seem to have been competitive in instant access for some time. Of these it's notable that now you see Al Rayan, Atom, Tandem often at or very close to the top for fixed rates having mostly dropped off the radar of instant access. It's a commercial decision and totally understandable.

    If you don't envisage putting money in a fixed rate bond any time soon (next few months) may as well close it, but might be worth keeping it open if you are in the market for a fix as these rates can disappear quite quickly and having an existing login often will speed up the process massively. 
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