Al Rayan Bank 1.6% account

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Diggle123
Diggle123 Posts: 35 Forumite
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in Savings & investments
Seen this promoted in 'MoneyWise' mailers, anyone had any experience, got any views on how good/safe it is
Surprised it hasn't been highlighted in the MSE savings page
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  • londoninvestor
    londoninvestor Posts: 1,350 Forumite
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    https://forums.moneysavingexpert.com/showthread.php?t=6047454
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    Diggle123 wrote: »
    Surprised it hasn't been highlighted in the MSE savings page
    It is "highlighted" in there. You just need to scroll down a little.
  • Diggle123
    Diggle123 Posts: 35 Forumite
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    Good Grief, they go out of their way to block new business. Tried to Join online, I think because I'm not employed, I don't qualify as I obviously don't have an employers salary.
    Got told they'd get back, had near unintelligible voicemail left, so feel tempted to stay with my Marcus account, at least Goldman Sachs make it easy to enrol
  • londoninvestor
    londoninvestor Posts: 1,350 Forumite
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    Diggle123 wrote: »
    Good Grief, they go out of their way to block new business. Tried to Join online, I think because I'm not employed, I don't qualify as I obviously don't have an employers salary.

    Not being employed didn't cause a problem for me - though I have their fixed term account, not the instant access.

    (Not that I don't sympathise - I also tend to give up on applications if they're too much hassle and the product is marginally beneficial.)
  • colsten
    colsten Posts: 17,597 Forumite
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    Diggle123 wrote: »
    Good Grief, they go out of their way to block new business. Tried to Join online, I think because I'm not employed, I don't qualify as I obviously don't have an employers salary.
    Got told they'd get back, had near unintelligible voicemail left, so feel tempted to stay with my Marcus account, at least Goldman Sachs make it easy to enrol
    I am not employed and could open an account ok. I had a couple of interactions with their CS and found them very helpful. Their web interface isn't as slick as that of Marcus - not surprising for an older implementation. Unlike Marcus, Al Rayan also have an app - though again, it's not the most modern. The account itself is a lot more functional than Marcus, by offering SOs, and even DDs (though those are difficult to set up). They also don't have the limitation for deposits and withdrawals via the linked account only, which I find helpful. Others might say it's increasing the fraud risk. Bottom line for me is that I prefer it over Marcus. YMMV.
  • tel_
    tel_ Posts: 310 Forumite
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    I applied for the Everyday Saver account on Tuesday, and by today (Saturday) received all my details for log in. So far, so good.

    However, to pay into this account, I can't see a sort code anywhere to do so, just my account number.

    Do I have to use their Telephone Banking Service to set-up transfers to another UK bank as it says in one of the letters? I have managed to set-up a payee out of the Everyday Saver account though.
  • soulsaver
    soulsaver Posts: 5,976 Forumite
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    tel_ wrote: »
    I applied for the Everyday Saver account on Tuesday, and by today (Saturday) received all my details for log in. So far, so good.

    However, to pay into this account, I can't see a sort code anywhere to do so, just my account number.

    Do I have to use their Telephone Banking Service to set-up transfers to another UK bank as it says in one of the letters? I have managed to set-up a payee out of the Everyday Saver account though.
    see link to original thread in post #2
    Top Easy Access acs Ranked by rate: Top of The Pots - **No Chat** — MoneySavingExpert Forum
  • tel_
    tel_ Posts: 310 Forumite
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    soulsaver wrote: »
    see link to original thread in post #2

    Thanks, have now posted my query in that post.
  • Diggle123
    Diggle123 Posts: 35 Forumite
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    Thanks for the feedback,NOT what I've found.
    Seems I have to send CERTIFIED (by authorised signatories)copies of Passport/Driving licence etc.
    I could understand if I was opening an account where I could take money out regardless, but for a savings account where I can only access MY MONEY that I've put in it seems excessive, so to quote Victor Meldrew "you must be joking".
    I'll stick with Marcus, simple enrolment, works OK with no problems to date (now been with them 2 years).
    I miss out on 0.15% interest pa, but that is about the cost of getting the docs certified & posted, so their loss!
  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
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    Diggle123 wrote: »
    Seems I have to send CERTIFIED (by authorised signatories)copies of Passport/Driving licence etc.
    I could understand if I was opening an account where I could take money out regardless, but for a savings account where I can only access MY MONEY that I've put in it seems excessive, so to quote Victor Meldrew "you must be joking".

    As mentioned by someone above, it is a more fully-featured account than Marcus, e.g. not having the restrictions on deposits and withdrawals only being made to one account.

    They don't know you and are being asked to handle your money. So they'll put whatever processes in place that they think are necessary to identify you.

    It's all very well thinking, "well, *I* know I'm not a terrorist or money launderer and don't appear on any sanctions list, so I don't see why I should have to provide evidence of my identity, you must be joking", but others can probably see it from their side.

    Perhaps for one reason or another they tried an electronic check of your information and it failed. But at the end of the day if it's only an extra £15 of pre-tax income a year per £10,000 deposited, it wouldn't hurt to use a different lower-paying bank where you might get away without providing the ID.

    4291? [dog]
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