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Despite recent reports that Al Rayan Bank is permanently shutting down its online banking, the challenger bank has confirmed that it is in fact launching a new platform and an online banking service will remain available to its existing customers.
Al Rayan Bank is launching a new platform called Digital Banking, which will replace its existing app and also replace its current Online Banking. This new platform has already been launched and customers will be required to download the new banking app by 4th March to ensure uninterrupted access. Customers can download the app by visiting www.alrayanbank.co.uk/mobile, which will enable them to either download the app via the appropriate app store or via a text link that will be sent to the customer directly. In addition to this, existing customers who do not have a smartphone will be provided with a free hard-token device that will enable them to continue banking online.
New customers will no longer be able to bank online with Al Rayan Bank, but they will be able to bank via mobile app as well as via other channels such in branch, by phone and by post.
A spokesperson for the bank said: “Customers need to register for the Mobile Banking app by 4 March to ensure uninterrupted digital banking, although they can still register to use the app any time after 4 March. No customer accounts or banking arrangements will be affected by the switch over to mobile banking whenever they choose to do so.
“The mobile banking app – which has been used by many thousands of Al Rayan Bank’s customers since its launch last year – is more secure, quicker and easier to use. The app ensures all customers have a secure service 24/7 with second-factor authentication to improve security. This has been designed and implemented based on demand for more convenient and mobile-led banking services from our customers. Existing online banking customers who do not have a compatible smartphone will be able to continue to access their accounts online through a free hard token, which will enable them to continue to access their accounts via a desktop computer.”
Please note that since this story was published Al Rayan Bank has updated its information for customers stating that to ensure uninterrupted digital banking customers must now register for the new Mobile Banking app by 13th March.
Al Rayan Bank is a Sharia’a-compliant challenger bank. It made headlines last year when it launched a highly competitive easy access account that offered consumers 1.60% gross monthly, a rate that set it way above other easy access accounts in the chart at that time. The bank often offers savers highly competitive rates, especially in the fixed rate bonds chart. It operates under UK regulation and money deposited into the bank is covered by the Financial Services Compensation Scheme.
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As the economy begins to recover from the pandemic, HM Revenue and Customs (HMRC) are is beginning to enjoy increased revenue streams again. What do you need to know about the National Insurance increases in April? Today, HMRC recorded £597.6 billion in receipts for April 2021 to January 2022. This is £124.8 billion higher than the figure recorded a year earlier which is largely due to the economic recovery from the pandemic. “The data shows the nation continuing to emerge from the pandemic with income tax and national insurance continuing to surge as more people return to work,” said Helen Morrissey, Senior Pensions and Retirement Analyst at Hargreaves Lansdown. This was reflected in the increase in receipts for self-assessment income tax and National Insurance Contributions (NIC) for the period of April 2021 to January 2022. This value stood at £15.1 billion, which is £5.3 billion higher than in the same period a year earlier. “The continuing rise in these receipts signals good news as we see more people in work but many of us are also bracing ourselves for the forthcoming 1.25 percentage point rise in national insurance - otherwise known as the Health and Social Care levy - due to come in April,” warned Morrissey.
As the economy begins to recover from the pandemic, HM Revenue and Customs (HMRC) are is beginning to enjoy increased revenue streams again.
This month, Ellie in our Events team had the enjoyable job of calling three of our readers to tell them they had won £1,000 each!
This month, Ellie in our Events team had the enjoyable job of calling three of our readers to tell them they had won £1,000 each!
As the economy begins to recover from the pandemic, HM Revenue and Customs (HMRC) are is beginning to enjoy increased revenue streams again. What do you need to know about the National Insurance increases in April? Today, HMRC recorded £597.6 billion in receipts for April 2021 to January 2022. This is £124.8 billion higher than the figure recorded a year earlier which is largely due to the economic recovery from the pandemic. “The data shows the nation continuing to emerge from the pandemic with income tax and national insurance continuing to surge as more people return to work,” said Helen Morrissey, Senior Pensions and Retirement Analyst at Hargreaves Lansdown. This was reflected in the increase in receipts for self-assessment income tax and National Insurance Contributions (NIC) for the period of April 2021 to January 2022. This value stood at £15.1 billion, which is £5.3 billion higher than in the same period a year earlier. “The continuing rise in these receipts signals good news as we see more people in work but many of us are also bracing ourselves for the forthcoming 1.25 percentage point rise in national insurance - otherwise known as the Health and Social Care levy - due to come in April,” warned Morrissey.
As the economy begins to recover from the pandemic, HM Revenue and Customs (HMRC) are is beginning to enjoy increased revenue streams again.
This month, Ellie in our Events team had the enjoyable job of calling three of our readers to tell them they had won £1,000 each!
This month, Ellie in our Events team had the enjoyable job of calling three of our readers to tell them they had won £1,000 each!
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